SPY closed at $750.10, just off its 90-day high, while gold printed $379.96 – a three-month high suggesting continued safe haven demand despite equity strength. The 10-year Treasury yield held steady at 4.48%, providing a stable backdrop for risk assets as earnings season kicks into gear.
Industrials (XLI +1.2% 5d) are the early leader, with strong relative performance against the broader market — this is being fueled by optimism around infrastructure spending and ongoing strength in automation demand. Health Care (XLV) continues its outperformance as well, supported by defensive positioning amid a busy earnings calendar.
We’re watching AMAT (earnings tonight – semi read-through), INCY (breaking new highs — momentum confirmation), ANET (bounce or break from support at $163.93) and KRYS (testing resistance at $382.54).
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