The market is still spinning its wheels as the rally has been derailed by comments from NY Fed president Williams and the Chicago PMI report.

Interesting comments from Pantheon on the better-than-expected Chicago PMI report: "We don’t believe for a second that this is indicative of a sudden resurgence in national manufacturing. The leap in the Nov Chicago PMI is due to the summer surge in civilian aircraft orders, which led the Chicago PMI by several months .”

Pending home sales dropped to a record low, hitting its lowest level since April 2020. NAR notes that “limited housing inventory is significantly preventing housing demand from fully being satisfied.”

Six sectors are holding on to gains, while four are displaying losses, with Communication Services lagging, dragged by the underperformance of mega-cap names.