SPY closed at $739.09, holding near its 90d high, while gold dipped to $369.71 – a three-month low reflecting risk appetite. The 10y yield remains firm at 4.64%, signaling continued expectations for resilient growth despite ongoing earnings releases.
Energy (XLE) is leading the charge, up +2.8% over five days as crude inventories tighten and OPEC+ signals potential supply adjustments. Financials (XLF) are also showing strength, benefitting from a stable yield curve and positive bank earnings thus far.
We’re watching WELL (making new highs — momentum play), UNP (new highs – railroad resilience), HPE (broke $49 last week — follow-through test).
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