JOE RENNISON: January 23rd is in the books on Wall Street, the first full trading day under President Donald Trump. Strong remarks on trade from the new administration and an executive order announcing the Trans-Pacific Partnership trade agreement were in focus. US equity markets remained subdued, dipping slightly, and [? bright ?] crude continued to hover just above $55 a barrel, despite energy stocks struggling as the worst performer in the S&P 500 today. In bond markets, the benchmark 10-year US treasury yield, which moves inversely to price, fell sharply in the New York morning.
Looking at ETFs, investment-grade corporate bond prices rose modestly. Broadly speaking, investors are now looking for more concrete policy detail on some of Mr. Trump's campaign promises that have fueled the recent rally. Amid talk of renegotiating trade agreements and after a protectionist inauguration speech on Friday, the US dollar continued its retreat, falling to levels last seen in mid-December. Investor focus will now move across the Atlantic to sterling and the Supreme Court's decision on whether Brexit must be triggered through the UK parliament.
And that's the New York Minute.
