The major indices came off today’s highs as big companies such as Tesla (TSLA) and Amazon (AMZN) weigh on the Nasdaq. Investors assess economic data, with inflation remaining at the forefront of the debate.

• Markit’s Manufacturing PMI for April was a slight disappointment at 60.5, consensus 60.7. Headline pushed higher on supplier delivery delays and raw materials shortages.
• April ISM Manufacturing came at 60.7 vs 65 consensus. Most components are still in healthy expansionary mode. 
• Construction spending +0.2% vs +1.6% consensus. Since December, overall spending has gone nowhere.

Oil is inching higher, nearing a major resistance point. It is kind of ironic that crude oil has been mostly sideways while other commodities have been rocketing higher. Let’s see if that changes, for now Energy is the best performing sector this afternoon.  Real Estate is lagging as Treasuries advanced.

Breadth is decidedly bullish today, with advancers leading in both NYSE and Nasdaq. Up volume is exceeding the down volume as well.