Most major indices opened in the green, but have since traded off session highs and into the red.

Sharp intraday drops reveal sentiment and are generally not linked to fundamentals. Liquidity and positioning often drive panic more than earnings. Notably, last Friday was the biggest buying day for retail traders in over 6 months. Showing that so called “dumb money” was smart enough to buy the dip.

Three sectors are moving higher, with Technology (XLK) in the lead, getting a boost from semiconductors. The memory semiconductor niche is in the lead.

Meanwhile, Financials (XLF) are lagging and being led lower by the insurance industry. Marsh & McLennan Companies (MMC) and The Travelers Companies (TRV) received adverse reactions to their earnings released this morning.

There has also been some profit taking in quantum computing pure plays, after surging recently.

The Ten Year Treasury Yield (TNX) is still testing support around the 4% level.