Markets under pressure today as yields are up noticeably with the 10-year climbing above 4%. Have you heard the phrase “good news is bad news.” Well, there is a little of that going on today. Plenty of good news on the economic front as the ADP Employment Report showed the US economy added a whopping 497 thousand jobs in June. On top of that ISM services rose much higher than expected showing that the services-based economy is still doing quite well. This good news triggered a classic market response as yields went higher, and worries that the Fed is going to have to be even more aggressive than previously thought in raising interest rates in their attempts to cool the economy. Good news for the economy. Bad news for stocks as yields and interest rates take center stage again.

Amid the carnage two mega caps are holding in there. Meta Platforms is still holding key short-term moving averages after an amazing year after Instagram officially launched their Threads app designed to compete with Facebook.

Microsoft also showing noticeable relative strength after Morgan Stanley said that the company’s AI products can create gains to help it join the three-trillion-dollar club. AI has been a dominant story in recent months and these types of companies have outperformed the market all year and Microsoft is certainly doing so again today. Will break down the chart and all the action on the Halftime Report today.

Chart of the Day: TNX

Whenever yields rise fast there is the chance that this spills over to volatility in the equity market.

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