Rotation continues and the reopening trades are back in vogue, and will likely continue to gain momentum, not just today, but as a theme in general, absent any major Covid setbacks. As people venture out of their homes, and with some extra cash in their pockets, they are ready to spend and travel. Homebuilding and travel stocks are winners today again.

Investors are still cautious, and Utilities, followed by Financials, which were trading down 0.8% earlier in the session, are now up 0.7%.   Consumer Discretionary isn’t getting any help from Nike (NKE), which is going the other direction, down 5.4%, and is now 20% off the highs.  Chinese social media has criticized and called for a boycott of Nike after a past company’s response to concerns regarding forced labor condition of the mostly Muslim, Uighur population in the north-western region of Xinjiang resurfaced. The statement is from November 2020. Nike, among other companies, have dropped Xinjiang cotton.  Chinese are burning Nike shoes and Chinese celebrities are dropping Nike.  But the stores remain open, and products are available on several Chinese online sites.  China makes up 23% of Nike’s sales.  All this adds tension to the U.S. – China relationship.  

Energy, Communication Services, and Technology are the laggards.  Big tech executives, including Mark Zuckerberg of Facebook (FB), Jack Dorsey from Twitter, and Sundar Pichai of Google, are back on Capitol Hill testifying about misinformation.

Breadth is still negative, but the up volume outpaces the down, albeit slightly on the Nasdaq.

President Biden is having his first official press conference, which is currently underway.