The market is continuing it yo-you effect.  Today, the markets are up with the Dow current +1.2% the Nasdaq, which has been hit hard, +1.7% and the S&P 500 +1.52%. Despite this, the markets are still on track for a down week. 

The 10-year U.S. Treasury is up slightly to 1.56%, and has risen about the 2-year again, which is now 1.5%.  The greenback is also up slightly to $98.9.

On the economic front, the consumer appeared apprehensive about the future of the economy after the Fed’s recent rate cut, which could lead to their spending less on discretionary items, according to the  University of Michigan Consumer Sentiment report.  The preliminary read for August came in at 92.1, below the 97.7 consensus, and was the lowest reading since January.  July’s final read was 98.4. 

• The Current Economic Conditions Index fell to 107.4 from 110.7.
• The Index of Consumer Expectations dropped to 82.3 from 90.5.

Rotation continues, and today, investors are getting out of Utilities and into Financials, Industrials and Technology. 

Let’s see how we trade into the close.  Have a great weekend.