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Consumer Discretionary (XLY) and Tech (XLK) led Tuesday’s sector action, with stocks moving higher across the board as Election Day gets underway.
The so-called Trump and Harris trades also saw some movement.
The 10-year Treasury yield (^TNX) moved about 5 basis points higher to trade around 4.35%. Yields are largely expected to remain elevated under a Trump administration since the former president’s tariff policy would likely lead to higher inflation over time.
Bitcoin (BTC-USD), which Trump has outwardly supported, saw prices rise around 4% to trade near $70,300 a token. Prices have been lumpy in recent days, however, as Kamala Harris’s odds improved over the weekend.
Given that recent movement, Utilities (XLU) have dropped around 2% over the past five days. Utilities typically fall on higher yields, so if the assumption is that a Harris presidency would be less inflationary compared to Trump, that would lead to a drop in yields and, therefore, the Utilities sector at large.
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