The Friday Wrap
Macro: U of M Consumer Sentiment Beat.
1) Hard to say what the market did today. Every index tells a different story. The S&P 500 (what most traders refer to as “the market”) closed virtually unchanged. The Nasdaq Composite gave up 5/8 of a percent, while the Russell 2000 gave up a quarter of a percent in the midst of it’s re-weighting. In case anyone out there still follows the DJIA,that average gained a third of a percent on the day thanks to the surge in NKE, thus proving it’s own illegitimacy as a measure of market performance. Why the media beats that drum, I’ll never know.
2) Trading volume was very heavy today, supported by the Russell Rebalance.
3) Utilities had a nice day, particularly Gas Utilities, while Tech stocks got the beat-down led by the 18% obliteration of MU.
4) Treasuries gave up some turf today, with the US 10 year inching it’s way back within sight of 2.5% yields.