The market rallied off the session's lows, but it moved back into the Fear Zone. Time ran out before the S&P 500 could eke out a gain, so it finished only down 0.27%, despite only two sectors being higher.

New Chip Leaders

Smaller semiconductor names climbed on the coattails of Lattice Semiconductor (LSCC).

Semiconductors have become very bifurcated, but the Index has been ranged bound without the leadership of bigger names.

Bond Auction Red Flare

Three trillion in US debt has to be refinanced this year, and it's going to be a lot more expensive. Yesterday’s bond auction was sloppy, and it could be a sign of things to come.

Earnings Reaction

It is a feast or famine for earnings reactions. Last night, AppLovin Corporation (APP) and Dutch Bros Inc. (BROS) erupted as Reddit, Inc. (RDDT) and The Trade Desk, Inc. (TTD) plunged.  Overall, one-day reactions have shifted to the downside.

Today’s Session

Producer Price Index (PPI) out this morning was slightly higher than consensus, but lower than the revised 0.5% in December.

Although the Street is still only seeing one rate cut this year, the needle moved for May to 13.6% from 10.0%.  As long as there are no talks of rate hikes, the Fed should have no bearing on the bull market.