[BRIEFING.COM] The opening move has featured broad-based buying interest with participants relishing the understanding that President Trump's first day in office didn't include a decisive tariff action on China. He did, however, indicate he was thinking in terms of a 25% tariff for Canada and Mexico starting February 1.
Still, a well-behaved Treasury market has been a silent blessing so to speak for the stock market to continue its advance. The 10-yr note yield is down three basis points to 4.58%.
The S&P 500 is coming off its best week since the election and sits roughly 80 points, or a little more than 1.0%, below its all-time high seen in early December. Today's opening gain, which does not include help from Apple (AAPL 221.79, -8.19, -3.6%), leaves it up approximately 4.3% from its low on January 13.
Apple is being pressured by downgrades at Jefferies and Loop Capital, and a Bloomberg report suggesting iPhone sales fell 18% in China during the December quarter.