Peloton debuted this morning, and so far, it’s another bust. The stock is down 7% from its IPO price. The stock opened at $29.  As I wrote about yesterday, “It reinforces the notion that most of these stocks are overvalued, led by megalomaniacs and may never be profitable.” Bucking the trend is Beyond Meat (BYND), which is continuing its meteoric rise and is up 9% today on news that McDonald’s (MCD) is about to embark on a 12-week test of its product in 28 locations in Canada.

The major indices are in red territory as investors weigh negative-sounding trade and political headlines against another batch of decent economic data. The Dow Jones Industrial Average is performing the least poorly today, down about 0.05%.  The S&P 500 is down 0.09%, and Nasdaq is the worst performer down 0.47%. 

On Capitol Hill, testimony regarding the whistleblower complaint continues.  That coupled with the ongoing concerns about trade and the Fed is weighing on market today. Meanwhile, Dallas Fed President Robert Kaplan and St. Louis Fed President James Bullard spoke this morning, while San Francisco Fed President Mary Daly and Minneapolis Fed President Neel Kashkari will speak at a town hall in Montana at 2 p.m E.T.

Investors are rotating back into more defensive sectors again, with Consumer Staples, Real Estate and Utilities performing the best. The Communications Services sector is getting hit and being dragged down by the Facebook (FB) news that the DOJ will embark on its own investigation.  This marks the fourth entity now investigating FB.