Chart of the Day - Tuesday, June 4, 2024

🏆 Today’s Chart of the Day was shared by Adam Turnquist (@adam_turnquist).

• Crude Oil (black) fell for the fifth straight day, closing at a three-month low of $73.25 per barrel.

• Meanwhile, the US 10-year Treasury yield (blue) dropped to a two-month low of 4.33%, closing below its 200-day moving average for the first time since March.

• Adam points out that Crude Oil is leading yields lower. The US Dollar ($DXY) is also moving lower with yields. This bodes well for risk assets, including Stocks, Gold, Crypto, and more.

The takeaway:  The weakness in Crude Oil is putting pressure on Treasury yields and the US Dollar. This will likely act as a tailwind for Stocks and other risk assets.