The MLB season has begun and the Yankees are on pace to shatter the record for wins in a season after taking down the Giants 7-0 on Opening Night. That’s what you get for leaving northern Manhattan 68 years ago. Steve Cohen’s Mets are taking on the Pirates this afternoon. After I noted that the Metropolitans would be facing off against pitching sorcerer Paul Skenes, they promptly throttled him out of the gate as he didn’t last a full inning. So much for MAC Desk commentary.

Any optimism around Opening Day seems to disappearing from the markets. The S&P 500 opened down 0.5% before clawing back some of that downside for a moment. The move higher failed just below the 8d ma, which is now serving as another area of resistance. The S&P turned back and downside continued with the index down ~1.5% and at the LOD. Once again, oil up/yields up/stocks down going hand-in-hand. Mid and small caps are trading inline while the equal-weight is lower but outperforming. That brings up an optimistic note on this Opening Day. For the week, the S&P is about flat. The equal-weight is up 1% while small and mid caps are up 2-3%. Mega cap Growth (-1% WTD) is pulling the S&P 500 lower, while Value is up ~1%.

Oil’s bounce is putting Energy back on top of the leaderboard. Every other sector is trading around unchanged to lower. Comm Services is the standout laggard but that’s really all from Meta selling off and Google also lower after the companies were found liable in a social media addiction trial. The 7y auction assumed a more prominent position on the catalyst list today given the prior auctions’ weakness this week. It followed in the same path, tailing by 0.8bp- not as bad as the others but that's not saying much. There will be multiple Fed speakers later today/tonight. Treasury yields have been backing up all day and the 2y is now up ~8bp, 10y 9bp, tracking global rates higher. The US Dollar Index is higher as well.