View of the New York Stock Exchange building on Wall Street. Photo: Reuters/Lucas Jackson

Financials are up 3% in the first half hour of trading. Most of the declines are in bond-equivalent equities such as REITS.  That corresponds to an 8 basis point rise in the US 10-year yield.

US Treasuries are the market’s preferred safe-harbor investment of late, and the tame outcome of the French elections prompted a lot of liquidation of risk hedges. The sector of the stock market most exposed to systemic risk did the best. European bank stocks performed even better. Bond-like stocks did the worst.