US Equities Mid-Day Color

US equities are recovering from intraday lows despite rising 10-year yields and significant momentum factor volatility. Desk activity is moderate with a slight sell skew, particularly from long-only investors in tech and healthcare.

Key Takeaways

• 1.US markets are experiencing volatility and 'unwindy' price action driven by rising global interest rates, with 10-year yields reaching levels not seen since 2007/2025.
• 2.Momentum factor volatility is high, specifically in the TMT Momentum pair which saw a major intraday drawdown (matching historic AI-cycle lows) before recovering.
• 3.Consumer Discretionary earnings are showing mixed but resilient results (HD, AS), though the sector faces the worst quarterly underperformance since Covid.

Table of Contents

• Key Focus
• Volumes/ Liquidity
• Our Flows
• Chart of the Day
• Notice to Australian Investors
• Additional Disclaimers

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