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Afternoon Note

Anxiety in the Air

By Karina Hernandez, Senior Research Analyst
1/8/2025 1:34 PM

Major indices showed a bit of a resurgence intraday; but have been in seesaw so far. The market is a little anxious today with the Fed minutes at 2 pm, bond auction results and the highly anticipated Jobs report on Friday.

The Ten-Year Treasury Yield (TNX) briefly surpassed the 4.7% level this morning before falling just below it.

Bitcoin (BTC) is also seeing some continued weakness, currently down 3.72% at $93,596.95.

The only sector in the green is Health Care (XLV), up 0.11%. Meanwhile the two laggards are Utilities (XLU) and Communication Services (XLC).

The 30-year bond auction saw better demand than last time and high yield below when issue. Overall, it was a good auction, investors are still willing to buy bonds.

Market breadth is decidedly negative, but volume is a bit light.

Market Breadth

NYSE

NASDAQ

Advancers

760

934

Decliners

2,004

3,328

New Highs

16

42

New Lows

115

135

Up Volume

502.67 million

1.64 billion

Down Volume

1.51 billion

4.03 billion

NYSE and Nasdaq will close their equity and options markets tomorrow, observing a National Day of Mourning.


 

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