Major US stock market averages opened mixed this morning. The Dow is currently 28 pts and the SPX is down .2%. The Nasdaq is also down .2%. Industrials (especially transports) and materials sector stocks are rallying. On the other hand, utilities and real estate are down on a bump in interest rates. Commodities are mixed; gold and iron ore are down, but oil continues to recover. WTI crude oil is hovering around $60/barrel. It was trading down around $51/barrel one month ago. Bonds are selling off a bit today on rising interest rates. It seems like the better-than-expected jobs report back on July 5th marked a turnaround in rates. The 10-year Treasury yield has risen to 2.13% from 1.95% since then.
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