Ten of the 11 S&P 500 sectors are trading up, led by the heavily-weighed information technology sector (+1.1%). The financials sector (-0.2%) is the lone laggard in negative territory.
Today’s positive bias is fueled in part by a buy-the-dip mentality after this week’s broad based losses.
The rebound effort is being helped by the price action in the Treasury market. The 2-yr note yield is down three basis points to 5.11% and the 10-yr note yield is down four basis points to 4.44%.
Notably, market rates are lower despite some hawkish-sounding remarks from a few Fed officials.