Daily Wrap

Market & SentimentRisk appetite cooled, with the Nasdaq 100 down 1.06% and the Russell 2000 off 1.01%. Breadth was weak: 325 decliners versus 161 advancers, only 33.4% of stocks above their 50-day average, and 26 new lows against 2 highs. The 2-year yield rose 13bp to 4.56%, pressuring rate-sensitive shares.

Sectors & StocksDefensive healthcare and consumer names outperformed: Elevance Health gained 4.95%, Apple 3.56%, AppLovin 3.09%, GM 2.82%, Comcast 2.36%. Materials and tech hardware lagged: Freeport-McMoRan fell 6.59%, HPE 6.25%, Lam Research 5.65%, Vertiv 5.61%, Intel 5.57%. The split suggests rotation away from cyclical and semiconductor exposure.

Rates, FX & CryptoTreasury yields rose across the curve, with the 10-year up 12bp to 4.95% and the 2-year up 13bp to 4.56%, steepening the 2s10s spread to 39bp. The dollar firmed: EUR/USD fell 0.31% to 1.1616, while USD/CNY was nearly flat at 6.7063. No crypto data was provided.

Earnings & AnnouncementsOracle reported Q1 revenue of $19.345B with cloud infrastructure doubling, and declared a dividend. Copart's Q4 showed revenue up 2.4% but net income down 17.4%. 3M issued €1.5B in notes, DuPont settled PFAS claims for $455M, Autodesk issued $1B in notes, News Corp disclosed progress on its $1B buyback, Monolithic Power declared a $2 quarterly dividend, and Principal Financial signed a $900M credit facility. No FinDog view changes.