S&P is marginally up in the first half hour of trading. Sector performance is all about rate sensitivity. Banks are the main gainers, while REITS, oil and commodities are the main losers.

Interest rate responses also dominate sectoral returns in the Euro Stoxx 600. Banks are up 1.4%, followed by insurance at .55% and financial services at .42%, while real estate, utilities and oil and gas are the major losers.