Roaring Back… It’s been an understandably quiet start to the week with European markets closed and many taking extra advantage of the long weekend, but things are far from static as stocks are soaking in the signs the US recovery is the real deal. Of course Friday’s blowout NFP print created some pent-up enthusiasm that’s now getting released, but more positive eco data this morning along with data over the weekend showing vaccine rollouts and economic activity like air travel picking up steam have added to the positive vibes. With Treasury yields holding steady, just about all S&P sectors are green though that’s left Banks as relative underperformers. Energy is the true exception, sinking lower as crude gives back its gains from last Thursday as traders take a second look at OPEC’s plan to ease supply curbs and some countries (India and France in the headlines today) struggle to get a tight grip on virus cases. NYFANG (+1.8%) is cruising higher, with Tesla (TSLA +5.2%) impressing on Q1 deliveries ensuring Autos is atop the sector table.
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