Freddie Mercury Was Right… “Nothing really matters, anyone can see…Nothing really matters, nothing really matters to the S&P-eeeee”. At least that what it seems like as we wrap up a chaotic opening week that’s felt longer than a half-speed rendition of “Bohemian Rhapsody”. The “Everything Rally” has more than picked up where it left off last year, and the list of indices that made ATHs on yesterday’s close (S&P, SML, RTY, MID, CCMP, NDX, SOX, TRAN) made clear that really means everything. While the party hasn’t completely stopped today, enthusiasm is understandably tuckered out at the moment (with some exceptions). Banks are taking a breather after a surging through the week, even as the US 10-yr yield has continued to push higher above 1.1%; same goes for Cap Goods names that earlier cheered the potential for greater infrastructure spending under a Democratic Congress. It seems even Semis are a bit tired, with Micron (MU -1.9%) now red even after raising its sales forecast. One notable exception that never seems to run out of gas is Tesla (TSLA +6.2%) which is driving Autos higher (I have a feeling we’ll be saying this a lot from now on) and helping ensure NYFANG (+1.7%) will finish the week well in the green.
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