Good morning. 11:06am ET. Markets are open.
Not sure what I am witnessing.
Interest rates are up, including mortgage rates.
Will go through the list of industries we track (equities):
US Banks are decidedly mixed, with an almost equal number up as down.
Quantum companies are mixed to lower
Enterprise IT is a little lower, and most companies are lower.
Logistics and Transport is higher
Chips and Semiconductors are lower
Cannabis and Tobacco are higher (the small caps) and the large caps which pay high dividends are lower. Dividends are 'out of fashion' today in tobacco companies.
Crypto and miners. A few commodity miners and assorted stocks are up slightly, but the rest are down significantly. Dogecoin is up almost 5%.
Coal is mixed.
Retail is mixed. The largest, discount retailers are down.
Money managers are down, except for a few investment banks and money managers. Robinhood is up today $hood.
Oil, Gas and Pipelines are up today (mostly).
Overall, the market is mixed and no single industry or narrative is holding.
The FOMC meets on Tuesday and Wednesday, with a press release on day 2 indicating the new policy stance. Most banks are expecting a 75bps rise in the policy (or overnight and prime lending rates) this week.