Nasdaq and S&P 500 show divergence as markets enter consolidation. Expect heightened volatility driven by multiple catalysts and rising long-end yields.
Right as called for clients, Nasdaq served premarket intraday gains on the long side, while S&P 500 provided the bulk of them on the short side yesterday. Brace yourselves for volatility today as there are quite a few catalyst with potential of forcing them ahead (and I don‘t mean Mideast now). Till then, consolidation time ahead, even though it doesn‘t look like that if you check yields (the farther out on the curve, the more prominent the ascent).
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