The major averages performance has evened out, with the Dow coming off its highs. The Nasdaq is making up ground and S&P 500 is in the middle. Reopening stocks rebounded sharply from Monday’s sell-off led by airlines and cruise lines.

Cyclicals lead, Energy is up more than 4% as WTI broke above $70 per barrel. Utilities and Health Care are the worst performing sectors.

The 10-year yield is driving the volatility in the equity markets, jumping again. It is up 8 basis points to 1.29% and 17 points above the low hit yesterday. The drop-in rates unnerved traders by signaling a possible slowing economy due to Delta variants.

You could argue that it is as if Monday’s disruptions never happened. This looks like a repeat of what we have seen before and consistent with the markets’ confidence. Plus, a batch of encouraging second-quarter earnings has given investors reason to focus on the fundamentals.