SPY closed at $740.96, still within striking distance of its 90-day high, while gold edged higher to $389.86 – a continuation of the recent safe-haven bid. The 10-year Treasury yield is steady at 4.49%, suggesting no immediate pressure on risk assets despite yesterday’s tech pullback.
Consumer Staples (XLP +0.8% 5d) and Health Care (XLV +0.7% 5d) are leading the charge, outperforming by a wide margin. This rotation into defensive sectors suggests investors are taking some profits off the table in tech and seeking stability as earnings season heats up.
We're watching LLY (earnings tonight — healthcare bellwether), KRYS (making new highs — momentum play), and STLD (broke $270 — potential bounce) today. Also, LGND (making new highs — growth momentum) and CDNS (sector laggard — watch for mean reversion).
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