- Technology and momentum stocks are recovering some of yesterday's sharp losses. Rates are easing back, taking some of the selling pressure off high-valuation issues, but also keeping cyclicals from joining in the gains.
- The Nasdaq (COMP) +1% is leading the major averages after posting its biggest loss in nearly four months.
- The S&P 500 (SP500) +0.4% is also higher, while the Dow (DJI) -0.2% is lower, feeling some extra pressure from the price decline in Salesforce.
- The Dow has been more resilient to the rise in yields, up four of the last five sessions.
- The 10-year Treasury yield is down more today after spiking above 1.61% yesterday. It's off 5 basis points to 1.46%.
- The 5-year, which is getting more of the spotlight due to its connection nearer-term inflation and Fed rate moves, is off 2 basis points to 0.78%.
- The Big 6 megacap stocks, which are among the most vulnerable to disfavor as rates (real rates especially) rally, are all higher.
- Tesla is the biggest gainer after closing yesterday below the high hit right before it entered the S&P last year.
- The megacap S&P sectors, Consumer Discretionary (NYSEARCA:XLY), Info Tech (NYSEARCA:XLK) and Communications Services (NYSEARCA:XLC), lead the give S&P sectors in the green.
- Energy (NYSEARCA:XLE) is bringing up the rear, with WTI futures -1.4% back below $63/barrel.
- Meanwhile GameStop is up early, trying to make it three up days in a row.
- AMC is slightly higher after closing down in late selling yesterday as squeeze momentum ebbs.