SPY closed at $742.09, holding near its 90-day high, while gold is up sharply today at $372.35 – a continuation of the recent bullish momentum. The 10-year Treasury yield is steady at 4.60%, suggesting rates are not currently driving market direction. This backdrop favors risk assets as earnings season heats up.
Health Care (XLV) is leading today, +0.8% in premarket — the sector’s relative strength has been building for weeks now and it's breaking out ahead of earnings from DHR, suggesting defensive positioning isn’t fully priced in. Energy (XLE) also showing resilience, up 1.2%, despite flat crude prices hinting at accumulation before OPEC meetings.
We're watching SBUX (earnings after close — key read on consumer), ABNB (broke $146 last week – confirming momentum), V (testing resistance at $365) and USB (making new highs – strong financials).
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