Every Dow Has Its Day… New week, same theme and unfortunately for the S&P that likely means a 5th consecutive down day for the first time since the turbulent times of Feb 2020… Reflation remains in focus, and though Treasury yields are taking a bit of a breather, more positive news on the vaccine front has equities playing into the theme with a healthy display of Rotation (VLUE +40bps, MTUM -2.2%). The resulting weakness in the seemingly perennial Tech winners and strength in cyclical reopening names has made for a rare sight among the blue chip indices: the Nasdaq is (was) down -1.5% and the DJIA is green at the same time for just the 5th time in the last 10 years! Don’t count the S&P out from snapping its losing streak just yet either; already we’ve seen the buy-the-dip mentality from last week’s trading carry over to today, with the index comfortably off its -82bps low shortly after the open. Yield may be stealing a lot of attention, but old habits die hard when it comes to equities love…
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