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The market started off lower on some tepid economic news out of China. Growth estimates are for 7 to 7.5% (we are at 2.5%). I say pretty good if you can believe the numbers. Right now the market is in chop mode, as we digest highs and try and figure out what is next.
Treasuries yields are rising, and interest rates generally speaking, are starting to move up. Utilities and housing stocks are starting to get crushed (utilities more), because of the uptick in rates. Affordability for first time buyers and others gets more difficult as rates rise. The 10 year note got as high as 2.16 % today. The 30 year got as high as 3.30%.
Bonds and stocks are repricing things and trying to process what is going on here. Hence the volatility and choppiness.
See you in the morning.