SPX daily

There's more of an old-fashioned risk-on/risk-off dynamic unfolding in today's trade.

Yields have risen substantially from the lows and yet stocks are rising with them. That suggests the market has largely moved on from the inflation trade and is increasingly concerned about growth.

The S&P 500 is up 23 points, or 0.6%, to 3858 which is the best level of the day.