Some earnings optimism triggered a modest market surge at the open, with Citigroup's beat grabbing the headlines (C would go on to close with a 3% gain for the day). The S&P 500 rose half a percent at the opening bell and then spent the rest of the day in a tiny trading range, closing with a 0.48% advance.
There was no economic news today, so earnings took the spotlight. But the situation changes tomorrow, with June Retail Sales as a potential market mover. Economists are expecting a month-over-month increase around 0.6%, up from 0.3% in May.
The yield on the 10-year note ended the day at 2.55%, 2 bps above the previous close. It is now 11 bps above its interim closing low of May 28th.
Here is a chart of the last five sessions. The index is up 6.97% year-to-date and 0.42% below its record close on July 3rd.
Based on trading volume, market participation was extremely light. The SPY ETF's volume was 36% below its 50-day moving average.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
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