Comm Serv soared today and is now back in first place YTD (still trailing Energy by 0.1% MTD); Tech did well today, too, but is still down by nearly 4% MTD … NASDAQ’s 2% gain today bumped it to third place YTD; small caps did well but didn’t outpace large caps (and they continue… pic.twitter.com/HAiuVWX0FF

Two different directions of late for prices paid (blue) and prices received (orange) components in Kansas City Fed Manufacturing Index … former has moved higher while latter has eased (and was flat in April) pic.twitter.com/kd4Kv0auAY

Per below, the whole US yield curve shifted up in reaction to the data (see prior post), including the 2-year which traded above 5% as markets pushed to December the expectation of the first rate cut by the #FederalReserve. (Amazing to think that, just four months ago, #markets… pic.twitter.com/gmZDG1xxGU

This goes some way in reconciling what had been a notable divergence between much of the macro data (strong) and quite a few of the bottom-up indicators (weaker). #economy #growth #markets pic.twitter.com/OovJ1FVYBy