Early Update

 10:18 a.m. ET

The averages open mixed with NASDAQ 100 (+0.4%) and Small Caps (+0.45%)  best, and Dow (-0.15%) the laggard. The mega-cap tech stocks are green, most up around 1%. Small Caps are coming alive on the upside with the re-opening trade (airlines, cruise lines, etc) are starting to perk up after the initial claims report.

S&P-500 is unchanged (0%) hovering below the February closing high.

SP-500 (2m) 

The majority of S&P sectors are little changed like the S&P. The early leaders are mega-cap heavy Consumer Discretionary (+0.3%) and Communications (+0.8%.). Technology was an early leader, it gave up early gains to unchanged.

The laggards are  Energy (-0.3%), Financials (-0.3%) Banks (-0.8%) and Health Care (-0.5%).

Volatility was on the weak side (VIX -1%), but is coming up as Tech comes down.

The U.S. Dollar (-0.5%) continues to slide lower following the better than expected Initial Claims report, which is helpful for stocks and commodities.  Yields a between 0 and +1.5 bp in modest curve steepening.

Credit is green, well actually it's mixed, but it's not worse. It's also not better.

SP-500 (1m) and HYG

The rotation to value/cyclicals is not a factor and it seems like the S&P's February closing high is the focus as a major psychological magnet. Credit remains one of the biggest near term eyesores for the broader market.