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“Slow and steady wins the race.” – Aesop
It’s looking like a modestly positive end to the week with S&P 500 futures slightly higher, but for all of the major indices, current levels are off their overnight highs after Chinese inflation data topped expectations. That has pushed the 10-year yield higher, and Nasdaq futures lower. Here in the US, PPI for the month of March was scheduled to be released at 8:30 Eastern, but as of yet, the data hasn’t been released.
Read today’s Morning Lineup for a recap of all the major market news and events including an overnight recap of market news and events, Chinese inflation data, weakening Industrial Production out of Europe, US and international COVID trends as well as our series of charts tracking vaccinations, and much more.
Slow and steady may win the race, but the turnaround we have seen in the Technology sector has been swift. Over the five trading days heading into today, Technology, which had been one of the weaker sectors on a YTD basis, has been the best performing sector in the S&P 500 by rallying 5.73%. The next best performing sector in the S&P 500 has been Communication Services, which is basically dominated by mega-cap tech-like stocks (GOOGL, FB, and NFLX). As a result of the move in Technology over the last five trading days, the sector has gone from just barely above its 50-DMA and closer to that level than any other sector to the most overbought sector in the S&P 500.
On the downside, the worst-performing sector in the S&P 500 is Energy, which has declined more than 1%, but even after that decline, the sector is still up more than 29% which is more than ten full percentage points than the next closest sector (Financials).