Afternoon Note
The week is kicking off on a strong note as the market is responding favorably to the US-China trade relations. The Volatility Index (VIX) had made it firmly below the $20 handle, after a prolonged period above that level started on March 28th.
Top-weighed technology names are among the leaders this afternoon.
The only sectors in the red are Utilities (XLU) and Consumer Staples (XLP), as investors rotate out of defensive names. Consumer Discretionary (XLY) is getting the biggest boost, with cruise liners helping to lead the sector higher. Technology (XLK) is the runner up and getting a boost from semiconductors, which had been more reliant on China.
Oil is getting a boost, while most other commodities are trading lower. Gold is moving lower as investors move to more risk-on assets.
The Ten-Year Treasury Yield (TNX) is moving higher, up 7.4 basis points and currently at 4.449%.
We are happy to see the S&P 500 (SPX) holding above the 5800 level. As we mentioned this morning, a close above this level will put pressure on short sellers.
Comments |
great summary of today's movement. Thank you Charles and team. dale fair on 5/12/2025 9:26:09 PM |
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