Major indices are heading higher today. The Nasdaq Composite is in the lead, while the Russell 2000 is the laggard.

The ten year treasury yield (TNX) briefly dipped below 4.6% this morning, before retaking this level.

Bitcoin (BTC) is up 5.72% and breaking the $100,000 level, as investors await the Trump inauguration.

Overall, sectors are showing good strength. The only sector in the red is Health Care (XLV), marginally down 0.01%. The leading sector is Consumer Discretionary (XLY).

Consumer Discretionary is being led higher by Tesla (TSLA) as investors wait for the inauguration. Cruise operators Carnival (CCL), Royal Caribbean (RCL), and Norwegian Cruise (NCLH) are also helping to lead the sector higher.

The Fear & Greed Index is approaching Neutral territory.

Industrial production rose by 0.9% m/m in December, above last month’s rise of 0.2% and surpassing estimates of 0.3%.

Notably, there was a 0.2 percentage point contribution from aircraft and parts due to the Boeing (BA) strike subsiding.

Other notable points:

• Mining output rose by 1.8%.
• Utility production rose by 2.1%.
• Capacity utilization improved to 77.6%, from 77% last month.

Manufacturing production, which accounts for 78% of total industrial production, also rose by 0.6% in December, above last month’s rise of 0.4% and surpassing estimates of 0.2%.

Reminder that the market will be closed on Monday for Martin Luther King Day.

Have a great holiday weekend. 

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