The major indices are taking a breather today.  Volatility is up, with the VIX rising 8.5% on the week to 17.   FAANG are all down and growth is giving a little back this session.  The Nasdaq, which has been performing the best of late, is the worst performer today, down 0.7%.  The Dow is down 0.4% and the S&P 500 lower by 0.2%.

Energy is the best performing sector, as WTI ticks higher, trading at $71.90 up 1%.  Real Estate and Consumer Discretionary the laggards.  

Breadth is negative and down volume exceed up.  New highs however are clear winners.

Trade Fight

After 17 years of disputes over subsides to Boeing (BA) and Airbus (EADSF), the U.S. and the EU agreed to suspend the tariffs for five years, which had been authorized by the World Trade Organization (WTO).  

The WTO U.S. Trade Rep. Katherine Tai stated, "We have resolved these disputes because we are putting away our litigation briefcases."  Now, the U.S. and EU can focus on "what is going to be best for competition between us in the context of a world where our industries and workers will be facing competition like we've never seen before," Tai added. The fight was one of the most expensive in the history of the WTO.

Both stocks are up on the day.

Housing

The NAHB Housing Market Index declined to 81 vs consensus of 83, down two points in June. This is the lowest read in 10 months. 

Rising cost pressured new home buyers and sales.  According to NAHB Chairman Chuck Fowke, “Higher costs and declining availability for softwood lumber and other building materials pushed down builder sentiment in Jun. These higher costs have moved some new homes beyond the budget of prospective buyers, which has slowed the strong pace of home building.”

• Single family Index down to 86 from 88
• Prospective Buyer Index down to 71 from 73