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JOE RENNISON: February 6 is in the books on Wall Street, and it has been another day of tempered activity in equities alongside a rally in haven assets. The S&P 500 edged lower early in the morning and then stayed there throughout the day, with analysts pointing to hesitation from investors due to continued political and legal wrangling over President Donald Trump's proposed travel ban. Even financial stocks were unable to hold onto their Friday gains, despite renewed optimism for the banking sector after Mr. Trump signed an executive order to review aspects of financial regulation.
In bond markets, the benchmark 10-year US Treasury yield, which moves inversely to price, moved lower, dipping under its 50-day moving average in a further sign that the so-called Trumpflation trade is back on pause. Gold, another haven asset, continued to climb, boosting the stock price of gold miners. Oil, on the other hand, took a downward turn, dragging energy stocks along for the ride. The CBOE's VIX volatility index remained subdued, as does the Merrill Lynch Treasury volatility index, which is trading around levels last seen before the US election. And that's the New York minute.
