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

Employment component of Kansas City Fed Manufacturing Index (orange) slipped back into contraction in April … new orders (blue) remained in contraction but looked less bad relative to prior month’s decline pic.twitter.com/LvaeDZ7UnC

Down less than half a percent today for the S&P 500. Given where it opened, this was a nice change from what we were seeing a week ago. Back then, the selling would get heavy as the day wore on.

JPMORGAN: “.. This week’s flash release of the US #PMI report contained an unwelcome surprise: a 3.8pt plunge in services employment, the second-largest monthly decline (outside of the 2020 recession) since the survey began .. We are reticent to take much signal from this one… pic.twitter.com/v6zrpLbsYV