In the first trading session of June markets US markets got off to a mixed start. Coming into the month the S&P 500 was coming off of 9 consecutive weeks of gains for only the 10th time since the inception of the index. Yesterday the S&P 500 and equal-weight gained ~0.2% while the Russell 2000 fell 0.5%, weighed down by higher oil and yields. Oil prices and Treasury yields moved sharply higher before paring gains after Iran negotiation news took a more optimistic turn mid-day. Tech led the way with software continuing to do its best ‘90s WWE Undertaker impersonation. Jensen Huang’s positive comments on the group during his keynote at the Computex conference provided much of the tailwind.

Outside of the endless headlines coming out of the tech sector it is a reasonably quiet day. Markets continue to grind higher with small/midcaps playing some catchup. Things are reasonably quiet on the Iran front, thankfully, for those of us suffering from the headline fatigue though President Trump continues to suggest talks are occurring.