Mar 11, 2021 AT 07:11PM

Dow +1.5%, SPX +0.6%, Russell +1.9% and Nasdaq unch

RTY > NQA – ratio +2%

VaL > MoMo – ratio +2%

Dow >$32k, hit record highs

5YR Breakevens topped 2.5% - highest since July 2008

V2X < 20, VIX -6% to 22 handle

Bitcoin >$56k, Ether > $1800 

US indices closed higher as the rotation into value extended following a weak CPI print with Dow and small caps outperformed mega-cap Nasdaq. The Dow soared more than 450 points and hit fresh record highs after treasury yields fell post 10yr note auction and house Democrats passing a $1.9trl covid relief bill. Energy (XLE +3.5%) and Financials (BKX +2.5%) were the best performers while tech lagged. Elsewhere, Bonds were aggressively bid during the US session as US 10yr fell towards 1.50%, 5YR Breakevens topped 2.5%, the highest since July 2008. The dollar weakened versus the G8 peers, Crude topped while real yields slipped and supported gold futures and Bitcoin briefly topped $57k.