EB Daily Market Report - Brief Update - Thursday, April 9, 2026

Just a quick reflection on today's action....

Our major indices have added on to gains from Wednesday, which is certainly bullish action.  There were plenty of opportunities for traders to take profits and instead, we've seen more buyers emerge.  Most indices are up in the 0.6%-0.9% range, with all key indices above their respective 50-day SMAs.  The Dow Jones Transports ($TRAN) are setting another all-time high.

If there's a downside to current action, it's that value stocks are leading the advance.  The large cap growth ETF (IWF, +0.50%) trails the large cap value ETF (IWD, +0.65%).  8 of 11 sectors are higher, with consumer discretionary (XLY, +1.67%) leading the pack.  Technology (XLK, +0.34%) is up, but lagging many of the other sectors.  Energy (XLE, -1.18%) is again the weakest sector, despite crude oil ($WTIC, +4.89%) jumping back near $100 per barrel.

The 10-year treasury yield ($TNX) is relatively flat at 4.29%, with initial jobless claims rising a bit to 219,000, slightly above consensus estimates at 210,000.  Personal income was much lighter than expected, -0.1% (actual) vs. +0.3% (estimate).  Core PCE, a Fed-watched inflation gauge, was reported to gain +0.4%, matching estimates.

The bottom line is that the current rally in U.S. stocks continues and now our key moving averages will be looked at in coming days for support, rather than resistance.  It's notable that the Volatility Index ($VIX) has fallen below 20 for the first time since late February and just before the war with Iran began.

Happy trading!

Tom