Industrial production was cooler-than-expected at -0.1%m/m; consensus 0.0%m/m. The soft number combined with the weak retail sales this morning is possibly a relief for bonds and stocks, which have been worried about a no landing scenario.

Homebuilder Sentiment Float

The National Association of Homebuilders (NAHB) Sentiment came in at 48 from 44 in the prior month against Wall Street’s consensus of 46. Prospective buyer traffic expected sales, and current sales increased.

Energy and Real Estate sit at the top of the leaderboard as yields slip, while weak leadership from mega-cap names are dragging down Technology this afternoon.

Breadth is decidedly bullish.