Markets are fluctuating and bumpy today as the Trump Tariffs go into effect. However, the Nasdaq Composite remains the front runner. Notably oil has shot lower, while gold has surged.

The Ten Year Treasury Yield (TNX) continues to rise higher, up 17.7 basis points and moving above 4.4%.

The Volatility Index (VIX) remains elevated holding above the $50 level.

All sectors are in the red, with the notable exception of Technology (XLK) contributing to Nasdaq’s outperformance. Many sectors are only marginally in the red, but Utilities (XLU) and Health Care (XLV) are the worst performers.

Intel (INTC) and other semiconductors are leading the Technology sector higher.

The Ten Year bond auction came in showing good demand, with a good bid to cover ratio of 2.67 and the median yield below the high yield.

Markets recently rallied on the news that there will be a 90 day pause on tariffs, while also raising tariffs on China, and lower other country's reciprocal tariffs.