As is always the case on the anniversary of 9-11 it’s a somber day here on the trading floor of the NYSE. Many of the people in this building were deeply affected by the events of that day and those memories will forever be etched in our minds. Our thoughts and prayers are with the families of those lost and our eternal gratitude goes out to the first responders and service people who answered the call to duty. #NEVERFORGET

Yesterday was another mixed session with the S&P 500 hitting a new marginal all-time high after the better-than-expected PPI data. Oracle’s backlog sent the stock soaring and pushed other AI-related names higher as well, but Discretionary, Staples, Healthcare and Comm Services sectors all traded down ~1%. S&P futures were slightly higher ahead of this morning’s economic data. The inflation data was largely inline with expectations but there was a big jump in initial claims which hit its highest level in four years. The initial knee jerk reaction was a move lower in equity futures while Treasuries rallied. That equity weakness was short lived with major indices opening modestly higher and continuing to extend gains throughout the session. Gains are pretty broad based, but we are seeing some rotation with some modest underperformance in the mega cap tech stocks. The S&P 500 is up 0.8% while the equal-weight version of the index is up ~1.3%. The Dow Jones Industrial is up a similar amount hitting a new all-time high currently trading just over 46k while the Russell 2k is outperforming up ~1.5%.

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