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Market indices opened at session lows today, and when those lows got tested by late morning, the climb into positive territory across the four majors eventually broke a four-day losing streak. The Dow rose +43 points, +0.13%; the S&P 500 — closing at session highs — was +0.40%. The Nasdaq won the day, +59 points, +0.45%, with the small-cap Russell 2000 right behind: +0.44%.

We might have expected something different, as the 10-year bond yield grew another 10 basis points (bps) today to north of +4.5%, its highest level in 16 years — since before the financial crisis which led to the Great Recession. It’s something of an anomaly that both equities and bonds would be heading in the same direction, in that rising yields typically put downward pressure on equities. We don’t expect this will continue for long.

Williams-Sonoma (WSM) had a strong day today, +11.6%. Part of the reason was a newly reported passive stake in the high-end furnishings retailer from Green Equity Investors. But the other part of the reason appears to be a case of mistaken identity: the Wall Street Memes token launched today, and note the initials: WSM, same as Williams-Sonoma. Quite likely, prospective token buyers wound up with shares of the Pottery Barn and West Elm parent today, instead.

RV manufacturer Thor Industries (THO) reported fiscal Q4 earnings after today’s close, beating estimates on top and bottom lines easily: earnings of $1.68 per share came in well ahead of the 97 cents expected, while revenues of $2.74 billion outpaced the $2.46 billion in the Zacks consensus. That said, more tepid guidance for the coming fiscal year has sent shares in late trading from initially popping higher but now -2%. The maker of Airstream RVs also saw tough comps from a year ago, when pandemic-era practices like RV travel were still heavy.

Tomorrow brings us a new Case-Shiller home price index, expected on the 20-city side to report positive growth from the -1.2% a month ago. The Midwest has lately been the strongest segment of home price growth, following the South over the past year or two and the West before that. Also, New Home Sales and Consumer Confidence reports will be out after the opening bell Tuesday, for August and September, respectively.

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