The main indexes are trading lower with no immediate catalysts. Federal Reserve Chair Jerome Power testified before the House Budget Committee for second day, noting that he doesn’t see any signs of recession, but cited trade uncertainties.

Other Fed speakers included:

• Vice Chair Richard Clarida
• Chicago Fed President Evans
• San Francisco Fed Mary Daly
• New York Fed President John Williams
• St. Louis President James Bullard
• Dallas Fed President Robert Kaplan

Technology is underperforming today driven by shares of Cisco (CSCO) on disappointing guidance. 

Real estate and Utilities are the best performing sectors in today’s session.

Oil erased all gains after the EIA report revealed that inventories rose for third consecutive week.  Oil remains in rangebound between support in the low $50 and resistance in the low $60

On the economic front, initial claims rose to the highest level in nearly five months. Initial claims increased 14,000 to a seasonally adjusted 225,000 for the week. The four-week moving average of initial claims rose only 1,750 to 217,000 last week.