Equity indices are sitting on their highs with the S&P 500 (+1.7%) hovering just three points below its best level of the day. The bulk of today's advance was recorded during the first hour of action while recent trade has seen a range-bound drift. The subdued afternoon showing is not surprising since bond and equity markets will be closed on Monday in observance of Memorial Day. As a result, today's trading volume has been running a bit below average. Roughly 385 mln shares have changed hands at the NYSE floor so far. Like stocks, Treasuries have seen limited afternoon movement, leaving the 10-yr yield (-1 bp to 2.75%) just above its 50-day moving average (2.73%) ahead of today's early close at 14:00 ET.