Daily Note | February 23, 2024 | Rates Moving Up, Taxable CEFs Look Rich. Waiting For Narrative Shift.

Stocks are slightly lower after hitting record highs yesterday thanks to Nvidia's blowout earnings report. The S&P 500 had its best day since January 2023, while the Nasdaq Composite popped 3% for its best session since February 2023. The 30-stock Dow gained 1.2%. The indices are up about 1.5% for the week.

Yields seem to be hitting a ceiling and are str…