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“If you work really hard, and you’re kind, amazing things will happen.” – Conan O’Brien

With US Treasury yields rising overnight, tech stocks are under pressure this morning, while DJIA futures are higher as shares of Boeing (BA) are taking off in the pre-market.  At current levels, the 10 and 30-year US Treasuries are on pace to close at post-pandemic highs in terms of yields. The only other report on the calendar this morning is Michigan Confidence at 10 AM.

Be sure to check out today’s Morning Lineup for updates on the latest market news and events, including a recap of moves in the rates market overnight, an update of moves in the Asian and European market, European Manufacturing, an update on the latest national and international COVID trends, including our series of charts tracking vaccinations, and much more.


Overall breadth in the market has and continues to be strong.  This morning’s example comes from the percentage of S&P 500 Industry Groups trading above their 50 and 200 moving averages.  Starting with the percentage of Industry Groups above their longer-term 200-DMA, that reading currently stands at just above 90%.  During the recent equity market sell-off, that reading dropped down to as low as 75.0% but has rebounded back towards its recent highs.

Relative to the shorter-term 50-DMA, the breadth reading isn’t quite as strong but still stands at a healthy two-thirds and is up from under 50% during the recent sell-off.  Obviously, this is a more volatile reading, but the longer it churns around the 50% level, the more likely it is that we see these lower readings start to drag down the strong readings in the percentage of groups above their 200-DMA. Not much of a worry yet, but something to watch going forward.

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