Since holding it’s 100d ma in late November, the S&P 500 has closed in the green 9 out the past ten trading days. A reclamation of the 50d average and the 6800 occurred during that streak, and on Friday the S&P 500 came within inches of 6900. Heading into the open today, the ATH was less than 1% above. Today the S&P opened slightly higher but that has been the best level so far, again unable to generate much of a push to 6900. The index has steadily faded since the bell, down 0.5% as we round noon. While the equal-weight and mid-caps are trading about inline, small caps are slightly outperforming, The declines are broadly distributed with all sectors lower except for Tech. Comm Services and Discretionary are the worst performers. Netflix is down another 4% as Paramount Skydance enters the bidding for Warner Bros. In Discretionary, Tesla caught a downgrade, as did other EV names. Travel & Leisure group is also seeing declines today as are homebuilders and a lot of the retailers. Tech is the only sector substantially higher. Semis are mostly stronger. Earnings from Oracle and Broadcom will be closely watched as well. It’s a busy week for Analyst Days. Deere and NextEra held Investor Days today. Treasury yields are backing up again, 3-4bp across the curve as global rates move higher as well. The 10y is back above 4.15% and the highs at the beginning of October. The US Dollar index is higher, above 99 again with modest gains on the major crosses.

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