The market surprised me early in the session when it began to rally on no news, but then it gave up those gains because of headlines.  China looking to impose new security laws on Hong Kong tripped up the major indices, especially the NASDAQ.

Only two sectors are in the green. Industrials helped in large part to Boeing (BA), that was initiated with an Outperform at RBC Capital Markets, and Retail/Consumer Discretionary, after a wave or inspiring earnings reports that suggest a dose of creativity is all that is needed to get shoppers to their doors.  And if you do not have an internet presence yet, then it’s probably too late.

President Trump is visiting a Ford factory that’s been converted to make ventilators.  It is the perfect backdrop for him to remind the American public that medical solutions could happen sooner rather than later, after the administrations $1.0 billion investment with AstraZeneca (AZN).

These kinds of sessions, which appear ho-hum, are really a test of the kind of resolve that’s carried this market off the March lows.