Reply To: Traders Market Weekly: Bonds, Bank Earnings and CPI Ahead


Market Snapshot


Dow 33449.85 +330.32 (1.00%)
Nasdaq 13383.14 +163.31 (1.24%)
SP 500 4302.23 +44.04 (1.03%)

10-yr Note -28/32 4.787
NYSE Adv 1809 Dec 987 Vol 298 mln
Nasdaq Adv 2523 Dec 1604 Vol 2.4 bln

Strong: Health Care, Information Technology, Communication Services, Industrials, Materials, Financials
Weak: Consumer Staples

Moving the Market
— Digesting the September employment report, which reflected continues strength in the labor, and what it might mean for the Fed’s policy path
— Treasury yields pulling back from their post-employment report highs
— Relative strength in the mega cap space limiting downside moves for the major indices
— Lingering sense that the market is due for a bounce

Mega cap stocks are boosting index gains, but many other stocks are participating, which was not the case before when the stock market started to recover from its opening lows. The Vanguard Mega Cap Growth ETF (MGK) is up 1.2% and the market-cap weighted S&P 500 is up 0.9%. Meanwhile, the Invesco S&P 500 Equal Weight ETF (RSP) is up 0.7%.

Ten of the 11 S&P 500 sectors trade up. The heavily-weighted information technology (+1.6%) and communication services (+1.2%) sectors lead the pack while the consumer staples sector (-1.2%) sits alone in the red.