The market is exhibiting some mixed action as investors await major events this week. Mega caps are seeing relative strength, along with semiconductors, which are recovering from early weakness. The S&P 500 continues to hover around the key resistance level of 4,900.

Consumer Discretionary is the top performer thanks to the gain in Tesla (TSLA). WTI futures are down 1.5% and is weighing on Energy.

On the economic front, the Dallas Fed Manufacturing saw a big decline in December, plunging to an eight-month low. New orders, production, and shipments all are in contraction.

There hasn’t been a lot of conviction today.