The market is slowly beginning to look past airstrikes in Syria and the flight to safety is reversing. Yesterday I talked about fading moves on geopolitical worries and that trade is beginning to pay off.
- S&P 500 +0.6% to 1639
- US 10-year yields up 6 bps to 2.77%
- Yen crosses moderately higher
From here, markets are likely headed into a holding pattern until the bombs begin to fall or some other macro story takes over. Some top tier Japanese data hits through the end of the week but aside from jobless claims and the second reading on Q2 GDP, the market can remain focused on Syria.
