Traders on the NYSE, May 3, 2021.
This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.
- Pre-market mini-panic in growth/tech spread to the cyclicals and created a little flush to the downside and now some tentative dip-buying, with the stuff down the most getting some relief.
- It still looks like a messy, fitful rotation toward recovery themes from both "safe" and speculative growth, though with tougher seasonal setup and fewer known catalysts for incremental excitement over the GDP/consumer-spending/reflation stories. Good macro message, uncertain equity risk/reward.