Reply To: Traders Market Weekly: Liberty Dichotomy; Paris Burns Ahead of Independance Day


The stock market opened on a downbeat note following yesterday’s rally.

Some mega caps are building on gains, offering a measure of support to the broader market.

The Vanguard Mega Cap Growth ETF (MGK) is down 0.1% versus a 0.3% loss in the Invesco S&P 500 Equal Weight ETF (RSP) and a 0.3% loss in the market-cap weighted S&P 500.

Semiconductor stocks are a weak pocket in the market after reports that the U.S. is considering imposing more restrictions on AI chip exports to China. The PHLX Semiconductor Index is down 1.2%.

Losses in semiconductor related components has weighed on the S&P 500 information technology sector (-0.5%). Other notable laggards include the utilities (-1.0%) and consumer staples (-0.9%) sectors.

Energy complex futures are moving higher.

WTI crude oil futures are up 0.5% to $68.04/bbl
natural gas futures are up 0.1% to $2.77/mmbtu.

Treasury yields are climbing off overnight lows.

2-yr note yield, at 4.71% earlier, is down two basis points to 4.75%.
10-yr note yield, at 3.72% earlier, is down one basis point to 3.75%.