SP500
S&P 500 ends flat despite cyclical strength; yields reverse sharply
- Today's markets illustrated two problems with the relation trade: its
precariousness and its relatively small impact on the major averages.
- Cyclicals led the day, but the S&P (SP500) couldn't gain much ground,
closing flat. The Nasdaq (COMP) +0.3% fared better, with the Big 6
megacaps mixed.
- Tesla rebounded from its worst day in more than three months.
- The Dow (DJI) +0.2% was higher and the Russell 2000 (RTY) +1.6% rallied
sharply again.
- The 10-year Treasury yield hit a post-pandemic-decline high at 1.18%
earlier in the day, but sharply reversed course down to 1.13% after some
Fed speakers made some bond-friendly remarks. James Bullard said it was
too
soon to talk about tapering, while Loretta Mester said policy change
wasn't
needed if the economy unfolds as expected.
- Energy (NYSEARCA:XLE) was the big winner again, snagging the top five
biggest S&P gainers. But its small weighting couldn't budge the index.
- WTI futures +1.8% bounced above $53/barrel.
- Communications Services (NYSEARCA:XLC) was the worst performing
sector, with social media weak again. Facebook fell, despite a Cowen
price
hike on ad spend outlook. Twitter was down as the political problems
facing the site continue. It suspended a bunch of QAnon accounts.
|Yesterday, 4:05 PM|23 Comments
S&P 500 ends flat despite cyclical strength; yields reverse sharply
- Today's markets illustrated two problems with the relation trade: its
precariousness and its relatively small impact on the major averages.
- Cyclicals led the day, but the S&P (SP500) couldn't gain much ground,
closing flat. The Nasdaq (COMP) +0.3% fared better, with the Big 6
megacaps mixed.
- Tesla rebounded from its worst day in more than three months.
- The Dow (DJI) +0.2% was higher and the Russell 2000 (RTY) +1.6% rallied
sharply again.
- The 10-year Treasury yield hit a post-pandemic-decline high at 1.18%
earlier in the day, but sharply reversed course down to 1.13% after some
Fed speakers made some bond-friendly remarks. James Bullard said it was
too
soon to talk about tapering, while Loretta Mester said policy change
wasn't
needed if the economy unfolds as expected.
- Energy (NYSEARCA:XLE) was the big winner again, snagging the top five
biggest S&P gainers. But its small weighting couldn't budge the index.
- WTI futures +1.8% bounced above $53/barrel.
- Communications Services (NYSEARCA:XLC) was the worst performing
sector, with social media weak again. Facebook fell, despite a Cowen
price
hike on ad spend outlook. Twitter was down as the political problems
facing the site continue. It suspended a bunch of QAnon accounts.
|Yesterday, 4:05 PM|23 Comments
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