Why is the Dow late? The market is buying risk, but there is not much else.
The S&P 500 is on track for another record, but the market width is terrible.
Only 171 shares in the index are up, with the index up 0.1%. Top performers include Super Microcomputers, Nike, Advanced Microdevice, and Tesla. Nasdaq composites are up 0.3%. The Dow is flat and is flying around positive territory as it struggles to surpass its December 4th closure.
The only sectors that worked were energy, consumer discretion and technology. WTI crude oil futures are up 2%, explaining energy. The rest was a reversal of risk and momentum.