The markets are loving the decline in the 10-year US Treasury, which is currently at 1.53%. That, coupled with the $1.9 trillion stimulus package, which President Biden is set to sign this afternoon, has fueled stocks.
The rally is pretty much across the board with Technology and Communications Services leading the way. The Nasdaq is outperforming, up 2.6%, followed by the S&P500 and then the Dow, which both hit record highs. Boeing (BA) is back to an all time high and helping to power the Dow.
S&P 500 Index | +1.41% |
Communication Services XLC | +2.20% |
Consumer Discretionary XLY | +1.54% |
Consumer Staples XLP | +0.26% |
Energy XLE | +0.79% |
Financials XLF | +0.28% |
Health Care XLV | +0.87% |
Industrials XLI | +0.47% |
Materials XLB | +0.85% |
Real Estate XLRE | +1.77% |
Technology XLK | +2.53% |
Utilities XLU | +0.58 |
WTI crude is also adding to its latest run-up, adding 2.11% to $65.11.
Breadth is decidedly bullish, with advancers leading decliners on both the NYSE and the Nasdaq. Up volume on the Nasdaq is super impressive, 5-1 the down volume. The number of new 52-week lows remains extremely low.
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Market Breadth | NYSE | NASDAQ |
Advancing | 2,448 | 3,086 |
Declining | 789 | 946 |
52 Week High | 455 | 378 |
52 Week Low | 3 | 12 |
Up Volume | 1.75B | 2.54B |
Down Volume | 738.48M | 515.32M |
JOLTS
Job openings for January came in better than expected at 6.917 million vs the 6.6 million estimate and is inching closer to the 7 million pre-Covid level. The largest increase was seen in the state and local government, followed by educational services, and then mining and logging.
To see the chart, click here.
- New hires -110,000 to 5.31 million
- Separations -275,000 to 5.307 million
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