Forward March… US stocks are on a roll, with expectations that Congress will eventually strike a deal on further unemployment benefits aiding the S&P in its quest to go 4/4 on green days dating back to last Thursday’s mega-cap earnings dump. Somewhat of a different flavor to the rally today with Materials, Cap Goods, and Banks outperforming while Tech/Semis takes more of a backseat (though DIS +8.8% after its earnings has worked its magic on the Media space). Unsurprising given value has been the usual victor on vaccine news flow days (more on that below), but that hasn’t stopped the Nasdaq from eyeing a new ATH as well. The optimistic tone has the 10-year Treasury yield continuing to edge higher after notching multi-month lows, also buoyed by word the US Treasury plans to increase auction sizes for longer-dated bonds. Oil and Copper are also nudging higher, while Gold continues to soar after cracking 2k yesterday.
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