Relative weakness in cyclical stocks
The S&P 500 is up 0.2% amid continued leadership from the information technology sector (+1.0%), which is its most heavily-weighted sector. On the downside, the cyclical energy (-1.9%), financials (-0.5%), industrials (-0.2%), and materials (-0.1%) sectors are among the weakest spots today in an apparent effort to rebalance from these yearly outperformers. There is an underlying sense that a lot of the reopening optimism has been priced in already. The Dow Jones Transportation Average is down 0.5% amid particular weakness in the airline stocks. The U.S. Global Jets ETF (JETS 27.22, -0.34) is currently down 1.3%.