Always an ATH somewhere - Inflation concerns are back and this is driving the 10-year yield higher once again, interestingly on the anniversary when it first broke through 1%. Investors by now know that they must re-adjust their portfolios to higher yields (and higher expectations to inflation), and that means Tech once again legs lower. The NDX 100 is now down 72bps ytd, while the more economically sensitive Russell is +13.4%. Traders have become accustomed to watching Tech, and FANGMAN, lead the broader indexes, but fortunately there are other sectors in the S&P. So while the Nasdaq is down 1.87% today, Financials (BKX +2.9%) and Energy (XLE +3.5%) have slowly lifted the other re-opening stocks higher. If the Transportation Index (+82bps) closes at these levels, it will be an all-time high for it.
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