US Markets
Stocks grind higher as yields climb again
The S&P 500 and Nasdaq finish up, but Treasury yields and a firmer VIX keep the tone cautious.
U.S. stocks end the day higher, with the S&P 500 up 0.7% to 7773.9502 and the Nasdaq up 1.1% to 27477.3105. The Dow adds 0.2% to 51267.8984, while the Russell 2000 gains 0.5% to 2847.1357.
The winning sectors are led by Materials, up 1.3%, and Communication Services, up 1.2%. Energy adds 1.0%, Financials rise 0.7%, and Health Care gains 0.7%. Real Estate is the only sector in the red, down 0.3%.
Rate pressure is still part of the story. The 10-year Treasury yield rises to 5.311%, the 30-year rises to 5.665%, and the 5-year rises to 5.066%. The VIX also moves higher, up 1.4% to 15.52, while the VIX 9-day jumps 6.6% to 12.85.
Options flow leans defensive on the day, with SPY put volume at 4446691 versus call volume of 4201955. QQQ shows a heavier put tilt, with put volume of 2967956 versus call volume of 2169437.
The S&P 500 spends most of the session grinding higher after an early dip, then finishes near the upper end of its intraday range. That leaves the index above its 50-day average of 7664.88 and its 200-day average of 7230.69.