The primary focus of the markets right now is when and if the Fed will stop raising interest rates, to the point that equities are rallying right now with crude oil almost at $65 a barrel.
Long-term interest rates are moving higher, which is eventually going to hamper the market. Although you've got oil down today, there were hopes that it would be sustained in the 50s, and that hasn't happened.
Today we've got interest rates moving significantly lower and that's prompting a rally in equities. The productivity data was the main impetus.
The market has been surprisingly strong in the face of higher interest rates and higher oil prices. If this continues, will the market continue to ignore it? I think not..that's going to bite and that will affect the equity market at some point.
The market is still very concerned about interest rates and is going to be extremely sensitive to any information that points to interest rates going higher.