Markets reads the S&P 500 through the lattice. It does not tell you what a stock costs so much as what it moves with, who actually trades like it, and whether what management said agrees with what the stock did. Markets is in Beta on the Terminal.
Further down, **Global yields** lists ten-year government bond yields for about 43 economies. See [Global yields and commodity prices](/help/modules/global-yields-and-commodity-prices).
Everything on Markets is end of day. Each page carries the date of the close it was computed from — *As of close* — and the read refreshes once each weekday evening, after the closing prices arrive.
The market
The top of the page reads the whole S&P 500 at equal weight — every company counts the same, so the largest names do not set the number.
- **Today, 1W, 1M, 3M** — the average return across every member, with a three-month line beneath. Hover the line for any close.
- **Breadth** — how many companies rose and how many fell today.
- **Above 50-day avg.** — the share of companies whose latest close sits above the average of their last fifty closes. A market can rise while fewer names take part; this is where you see it.
- **Sectors up today** — of the eleven.
- **Talk** and **Spin · Underrated** — the median earnings-call sentiment, and how many companies Talk vs. Tape marks each way.
- **Numen** — one or two sentences on the day, written from these figures and no others.
Press **/** anywhere on the page to find a company by ticker or name. If your Terminal watchlist holds companies, they appear beneath the market as **Your companies**.
Sectors
Eleven tiles, one per GICS sector, ranked by the month. Each carries the day, the week, the month and three months, a three-month line, the median call sentiment, the Spin and Underrated counts (coral and cyan pips), and the share of members above their fifty-day average. **Compare sectors** sets up to four of them against the market, each in its own panel on one shared scale.
A detail table at the foot of the page carries every sector's figures, sortable by any column. For each one:
- **1D, 1M, 3M** — the average return of the sector's S&P 500 members. Every company counts the same (equal-weight), so a sector's largest name does not dominate the number. This is not the return of the sector ETF.
- **Talk** — the median earnings-call sentiment across the sector's members, from −1 to +1, read from each company's latest call (or its release, when the call isn't in yet).
- **Spin · Underrated** — how many members Talk vs. Tape marks as SPIN (talked up, stock down) and UNDERRATED (talked down, stock up).
- **Moves with · against** — the anchors the sector ETF has moved with most, and most against, over ninety days.
- **Numen** — one sentence on the sector's read. Every figure it quotes must match that evening's numbers: a line is kept from one evening to the next only if each number in it is still true, and a new line that quotes a figure not in its inputs is set aside for a plain template.
Researchers can download the detail table as CSV. It carries Palanor's reads — returns, breadth, sentiment, correlations — not raw closing prices.
Open a sector to see every member, sortable by any column. A small magenta mark beside a ticker means that company had a regime flip in the last thirty days. **Follow** a sector from its page and Numen will tell you, once per evening, when any of its companies has a regime flip.
Movers and earnings
**Movers** lists the S&P 500 companies that rose and fell most today, or across the month. **Reporting ahead** lists the members scheduled to report in the next fourteen days, with the sentiment of each company's last call beside it.
Talk vs. Tape
Every company with a scored call, placed by its latest earnings-call sentiment (across) and its return since that call (up). Coral marks SPIN — talked up, stock down. Cyan marks UNDERRATED — talked down, stock up. Hollow marks are aligned. Filter by sector above the chart, hover for a company, click to open it. A table view beneath lists every Spin and Underrated name.
What moves with what
A grid of each sector ETF against rates, oil, gold, the dollar, volatility stress (OFR), the high-yield spread and the Palanor indices that sectors move with most — ninety days of daily changes. Cyan moves with; coral moves against; the stronger the shade, the stronger the relationship. Figures are printed at 0.5 and above; hover any cell for the rest.
Rotation
Each sector placed by its three-month return (across) and its one-month return (up), both measured against the equal-weight market. **Leading** is ahead on both; **Weakening** is ahead over three months but behind over one; **Lagging** is behind on both; **Improving** is behind over three months but ahead over one. The tail is the sector's path over the last four weeks.
A company
Each company page shows the latest close, its 1D, 1M and 3M returns, and six months of daily closes. Beneath it:
**Moves with.** The eight anchors the stock has moved with most closely, over ninety or thirty days. Anchors are the three US indexes, the eleven sector ETFs, the 10-year and 2-year yields and the curve between them, WTI and Brent crude, gold, the trade-weighted dollar, volatility stress (OFR), the high-yield spread, and every public Palanor index with enough daily history. Each row carries the correlation (r), the number of trading days it rests on (n), and a lead or lag when one is clearly present — *leads by 3d* means the stock moved first and the anchor followed three sessions later.
**Who trades like it.** Two lists of peers. Both use the stock's daily return minus its sector ETF's, which removes what the whole sector did and leaves what is particular to the company. The left list searches the whole S&P 500; the right list stays inside the company's own sector. When a company's closest peers sit outside its sector, the page says how many — often the most useful thing on it.
**Regime flips.** When a company's ninety-day correlation to an anchor changes sign by 0.4 or more, or moves by 0.5 or more, from one evening's read to the next, it is recorded as a regime flip and kept for thirty days. The landing page lists the ten most recent across the universe. These are rare by design; magenta is reserved for them.
**Talk vs. Tape.** The same read as on Discourse: the company's latest earnings sentiment against its return since that call, each measured against every other company. A link carries you to the company's Discourse page for what was actually said.
How it is computed
- Correlation is Pearson r on daily changes, never on price levels — two rising prices always look correlated. Stocks, ETFs, indexes, oil, gold and the dollar use daily log returns; yields, spreads, volatility stress and Palanor indices use daily differences.
- Every series is aligned to the NYSE trading calendar before it is compared. Palanor indices are computed each morning from the prior session's data, so each reading is dated to the session it describes.
- Windows are ninety and thirty calendar days — about sixty-two and twenty-one sessions. A relationship needs at least forty shared sessions to appear in the ninety-day list and fifteen in the thirty-day list; read the thirty-day view with that in mind.
- Anchors are ranked on the same-day correlation. Shifts of up to five sessions are tested in both directions, but a lead or lag is shown only when it is clearly stronger than the same-day figure. Scanning many shifts finds a slightly better one by chance for almost any pair; ranking on the same-day figure keeps chance from choosing the list.
- A Palanor index is left out as an anchor when it has too little daily history, or when it barely moves day to day — a series that changes a few times a month correlates with nothing.
Correlation describes co-movement. It does not say one thing causes another.
What Markets is not
Markets is not a quote screen or a trading tool. Prices are end of day, returns are simple, and nothing on the page is a recommendation. It is a way of seeing where each company sits in the lattice of signals Palanor already reads.