Morning Commentary: Preferreds start soft amid Greek turmoil, dollar gains and Treasuries weakness

By Stephanie N. Rotondo

Phoenix, May 18 – The preferred stock market started the week with a negative tone, according to early Monday trades.

The Wells Fargo Hybrid and Preferred Securities index was down 25 basis points at mid-morning.

The broader markets were also coming in as the market’s concerns about a Greek default ramped up. A strengthening dollar and declining Treasuries were also playing a role.

One trader said that the primary preferred space would likely be on the quiet side this week, given the upcoming Memorial Day holiday. Investors might also be sitting back and waiting ahead of the release of the minutes from the Federal Reserve’s April meeting.

The minutes are scheduled to be released on Wednesday.

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