Beginning this week, we’re moving into the heart of earnings season for the second quarter of 2015. Whereas the early earnings numbers tend to be concentrated in specific industries, all 10 of the Standard & Poor’s 500 sectors will be represented in this week’s reports. This widening allows us to start identifying trends that may have a bearing on the quarters ahead.
The first half of 2015 was a little rough on the U.S. bond market, with nearly all sectors fairly flat to negative — due largely to an increase in long-term interest rates and wider credit spreads. One notable exception to the trend has been high-yield bonds.