Early Friday futures action is positive, pointing to the S&P 500
SPX
once again flirting with a fresh record. Such a tease. There had been fears that after nine weeks of consecutive gains into the end of last year, the market was overbought and due a notable correction. But the pullback has been mild and short-lived.
As Keith Lerner, chief market strategist at Truist Advisory Sevices says: “The good news is the market has done a decent job of working off some of those extremes through a correction in time and through churning, as opposed to intense selling pressure.” Indeed, the S&P 500’s resilience may seem all the more impressive given its latest rally came as 10-year Treasury yields
BX:TMUBMUSD10Y
on Thursday climbed to a five-week high above 4.15% — powered by robust economic data of late that saw traders pare their bets on the pace of Federal Reserve interest rate cuts. Worth noting is that when the stock benchmark last looked set to take out its record just a week ago, the 10-year was yielding less than 4%. So, it’s tempting to think stocks have escaped the bond market’s tractor beam. For now, at least.
Source: Truist Advisory Services
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SPX
once again flirting with a fresh record. Such a tease. There had been fears that after nine weeks of consecutive gains into the end of last year, the market was overbought and due a notable correction. But the pullback has been mild and short-lived.
As Keith Lerner, chief market strategist at Truist Advisory Sevices says: “The good news is the market has done a decent job of working off some of those extremes through a correction in time and through churning, as opposed to intense selling pressure.” Indeed, the S&P 500’s resilience may seem all the more impressive given its latest rally came as 10-year Treasury yields
BX:TMUBMUSD10Y
on Thursday climbed to a five-week high above 4.15% — powered by robust economic data of late that saw traders pare their bets on the pace of Federal Reserve interest rate cuts. Worth noting is that when the stock benchmark last looked set to take out its record just a week ago, the 10-year was yielding less than 4%. So, it’s tempting to think stocks have escaped the bond market’s tractor beam. For now, at least.
Source: Truist Advisory Services
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