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Nasdaq leads the way

Microsoft’s earnings are the main reason the Nasdaq is up 0.7% today, but don’t ignore the correlation between bonds and technology.

More than ever, the sector is trading as a long-lived asset. I think there are reasons to rethink that relationship, but right now it is strong. The new highs in tech stocks come after a fiery 5-year Treasury auction.

I tend to think that there is a little contraction in bonds today after the UK gilt yields plummeted and now a 10bp drop in the US $ 10-30, but we will have to wait for the dust to settle around end of the month.

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