Major indices have a bullish bias following yesterday’s inauguration. Small-cap and mid-cap stocks are outperforming large-cap stocks, which is consistent with the market’s pro-growth view.

The Russell 2000 is leading the way up.

The 10-year treasury yield (TNX) dipped 3.5 basis points and fell below the 4.6% level.

The cyclical Industrials (XLI) sector is leading the way, while Energy (XLE) is the only sector trading lower.

Industrials are getting a boost from 3M’s (MMM) earnings beat this morning as well as a broader rally in the defense niche. This strength in defense names comes after President Trump pledged to send a mission to Mars during his term.

Quantum and space stocks are getting a big boost in volume and moving higher.

Electric vehicle makers such as Tesla (TSLA), Lucid (LCID), and Rivian (RIVN) are also seeing large volume, but to the downside, after Trump repealed many of Biden’s environmental and electric vehicle executive orders and withdrew from the Paris Climate Accords.

Market breadth is decidedly positive across the board.

Market Breadth	NYSE	NASDAQ
Advancers	2,269	3,011
Decliners	521	1,280
New Highs	131	134
New Lows	10	76
Up Volume	1.54 billion	2.73 billion
Down Volume	437.82 million	1.83 billion

Netflix (NFLX) is scheduled to report its fourth quarter results after the bell today. The Street is betting on strong subscriber growth as the streaming giant focuses on stronger content slate.

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