The morning read
Equity market internals are mixed: the broad backdrop remains supportive on paper, but the share of stocks trading above their 50-day average has slipped to about 44%, and volatility remains low at a VIX near 16.6. Gold and Bitcoin have both been trending higher over the past month against a weaker US dollar, while the 10-year Treasury yield sits at 4.80% with inflation expectations (breakevens) edging up alongside firmer oil prices. Producer price data is out today and consumer inflation data (CPI) is due tomorrow, both of which markets will be watching closely.
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