Pushing for Positive… On the surface it appears US equities are attempting a repeat of yesterday, trying to overcome morning weakness to break back into the green. But under the surface today’s action looks a little different: yesterday it was beaten-up Value sectors like Banks and Energy that sparked the intraday reversal, but the US 10-year barely budging demonstrated it wasn’t a risk-on move (no money flowing from the safety of bonds into beaten-down equities.) Today’s sector breakdown presents a muddled picture as well: yes the 10-year yield is pushing higher (after earlier dropping below 0.6%) and small caps are higher (IWM +1.5%) but defensives spaces like Food/Bev and momentum names (FDN +1.5%) are among the outperformers too, while Banks are left behind and Tech is dragged by potential China backlash.
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