Despite negative housing data, al major indices were up for the second day in a row. The Nasdaq lead the way with a gain of 184 points, or 1.58%, followed by the S&P and the Dow up 0.59% and 0.16%, respectively.
- Today’s gold medal was pretty obvious. Pagaya Technologies went parabolic after the company filed a prospectus related to the potential sale of shares. The stock ended the day up almost 130% to close at $6.20.
Looking at bonds the 10-year was up 4 basis points tp 3.03% while mortgage backed securities fell 19 basis points to 99.88. Oil prices fell a $1.60 which puts a barrel of oil slightly above $102.
Art Hogan, chief market strategist at B. Riley FBR Inc, told the Wall Street Journal that the bating that tech sector has investors looking for bargains. “We have a far less volatile 10-year U.S. Treasury yield, inflation expectations have come down, and earnings season, so far, has been better than feared…Technology and consumer services have been some of the most beaten-down segments of the market. Now risk appetite is coming into those areas.”