The morning read
US equities remain in a risk-on reading this morning, though participation is narrow, with only about a third of stocks trading above their 50-day average and leadership concentrated in Technology. Gold has fallen roughly 3.5% below its 60-day average as the dollar and real yields both climb, while Bitcoin remains up sharply versus its 200-day average even as its shorter-term momentum has softened. The 10-year Treasury yield has risen to 5.24%, up about 45 basis points over the past month, reflecting the same firmer-rate backdrop weighing on gold.
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