Energy stocks continue to underperform, but there may be reason for optimism as crude oil prices have rebounded despite the desire of OPEC nations to begin ramping up production. Industrials are telling the same story that we’re seeing in every other cyclical sector. Small-caps got some attention for picking up nearly 4% following last Monday’s fall, but there’s still a long way to go before this group starts signaling strength again.

Utilities were late to the party, but they finally arrived. As market conditions deteriorate, tech continues to be a stalwart and lead the markets ahead. Treasury yields continue to plunge as we get nearer to the debt ceiling expiration deadline.

Investors seem a little leery of cyclicals in the face of slowing growth and falling rates, so growth gets the nod again. I still believe that the bond market is pricing in some debt-related risk. The dollar continues to hang on to its short-term gains here, but longer-term risks of a devaluation remain high.