A strong jobs report on Friday sent yields higher and provided equities with an excuse to sell off after a blistering rally. The sharp drop snapped a nine-week winning streak during which the S&P 500 was up ~20%. Tech, which led to the upside during the streak, got hit the hardest on Friday.

Iran and Israel exchanged attacks over the weekend, sending oil prices higher, adding to pressure on Asian markets overnight and threatening to continue Friday’s weakness in the US. However conditions improved when oil pulled back after Iran declared an “end of military operations” against Israel.

Tech is bouncing today. Within the sector semis are leading with the numerous positive headlines this morning. Software is mixed. Energy is higher along with the commodity and Consumer Discretionary is the other sector up moderately. Autos are higher but most of the rest of the sector is lower outside some of the apparel makers. Modest weakness in GOOG and META is putting Comm Services toward the bottom of the performers, along with Materials, Real Estate and Utilities- RE and Utes were among the best performers on Friday and higher rates today are a headwind.

Yields are up modestly, adding on to Friday’s move. The 10y is continuing to push above 4.5%. The US Dollar Index is down a bit. Oil prices are up ~1% with Brent trading ~$94.50 after the overnight rally failed just under the declining 20d ma ($98.35). Metals are around their best levels today, extending to the highs as oil came in. Gold is around flat but copper is higher. Crypto is bouncing after getting throttled last week. Bitcoin broke below $60k on Friday but has bounced back to just under $64k.