The three major indices were shifting between small gains and losses after Netflix (NFLX) fell more than 7% on earnings and Consumer Sentiment came at 73.2, below consensus of 78.1, and just 1.4% higher the low from April.   Renewed concerns from the spike in Covid-19 cases and states rolling back reopening and restrictions has caused renewed concern. Another aggressive fiscal response is urgently needed.  Without action, another plunge in confidence and a longer recession is likely to occur. 

For the week, the Dow Jones is on track to gain near 2.25% and the S&P 500 near 0.9%, while the Nasdaq is likely to end near 1.7% lower as the big momentum and growth names take a breather.  Utilities are the best performers today as investors get more defensive, with the top gainers Centrais Eletricas Brasileiras S.A. - Eletrobras (EBR) up 10%, and TerraForm Power, Inc. (TERPM) up 3%.

Advancers are outpacing decliners and 52-week highs are still the leading the way.