Economic data, such as the monthly jobs report and inflation numbers, are being observed by investors through the lens of the benchmark 10-year Treasury yield.

"We look at economic data now in terms of what the Fed might do as well as what the reaction is going to be in terms of the 10-year yield," said Kristina Hooper, chief global market strategist at Invesco.

Better than expected economic data tends to raise the 10-year yield amid expectations that the data will prompt the Federal Reserve to hike short-term interest rates faster. 

Hooper was a panelist on TheStreet's June Trading Strategies roundtable.

To watch the entire Trading Strategies roundtable click here.