Yesterday, US equity markets bounced back to recoup Tuesday’s losses and reach another record high (which lasted until today’s intraday high). The AI trade rebounded quickly after Jensen Huang took to the media circuit. Otherwise, there wasn’t one headline triggering the move, so investors took the path of least resistance, content to stay within the narrative of central bank easing with a backdrop of economic resiliency. Meanwhile, the Yankees path has come to a dead end as their season wrapped with a loss to the Blue Jays last night. After starting the day modestly higher the S&P 500 is down ~0.3%. The equal-weight and smaller caps are lagging. Not much upside action across the sectors. The best are trying to stay flat. Healthcare is being supported by the pharma group. Costco is doing the same for Staples after reporting strong September comps. Industrials is lagging sector with weakness across-the-board. One outlier is the airlines, on the back of Delta Airlines (+4%) results. Consumer Discretionary is also trading lower with homebuilders and retail weak. Treasury yields are ~2bp higher across the curve ahead of a 30yr auction at 1:00pm. The US Dollar Index continues to move higher, breaking above 99 for the first time since July 30. Commodities are mostly lower. Brent crude has slipped into negative territory after failing to hold yesterday’s highs. Gold is pulling back- I had to triple check my data feeds. Copper is up >1% but off its highs. Bitcoin is down ~2% as it tests the week’s lows. Ether is down 4% but bounced off of $4200.

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