Today major indices are oscillating ahead of the inflation report later in the week. This can be seen with the S&P 500 (SPX), which started the day up and then moved down, only to rise again.

The sell-off at 11:40 am came after news of a possible attack on Israel.

The Russell 2000 (RUT) is the laggard of the major indices down 1.01% while the Nasdaq Composite (IXIC) is leading the way up 0.49%.

Technology (XLK) and Energy (XLE) are the only two sectors in the green today. The largest loser by far is Real Estate (XLRE), down 0.97%. 

Notably, Jet Blue (JBLU) is down 18.1% today on an announcement to issue $400M in senior convertible notes.

On the economic front, the 1-year inflation expectations from the New York Fed declined to 2.97% in July, hitting its lowest level since November 2020.

The 6-month auction saw the high yield rise to 4.795% from 4.7%, while at the same time, the 3-month auction high yield came in slightly lower at 5.07% compared to the previous 5.075%. The rise in 6-month yields and the lackluster fall of the 3-month yields may be a bad omen for rate cuts.