A quick look at yesterday: a tough session dominated by bearish sentiment left LQD 93 cents lower, while setting a $108 to $108.71 session range.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Factory Orders improved upon its previous reading of 0.3% with a new data release of 1%. United States ISM Non-Manufacturing Employment (Nov) released yesterday at 15:00 UTC with a figure of 51.5, while the previous figure was 49.1.
Technical analysis shows that iShares iBoxx $ Investment Grade Corporate Bond ETF is currently alternating around $108.33 with price action moving above and below this key level throughout the session.
In the meantime, negative performances are also seen in other markets, United Parcel Service lost 4.35% yesterday and closed at $189.39. Salesforce dips 7.35% yesterday and closed at $144.56. Verizon is down to $37.07, losing $1.11, after ending the previous session around $38.18.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
After hitting an important low of $99.2 approximately a month ago, iShares iBoxx $ Investment Grade Corporate Bond ETF has bounced back 10.3% since.