Most major indices are relatively flat today, with the exception being the worst performer, the Russell 2000, down 0.5%. Investors are looking ahead to Fed speakers and key inflation reading this week.

So far, Fed officials’ comments have been mostly upbeat, while economic data was mixed (more below).

Eight of eleven sectors are in the green today. Utilities (XLU) and Consumer Discretionary (XLY) are leading the pack, both up 0.82% and $0.72 respectively. Health Care (XLV) is the worst performer with the other two sectors in the red being Financials (XLF) and Technology (XLK).

The dilemma reflected in this morning’s PMI data underscores a continued contraction in manufacturing activity. However, services are showing resilience and suggesting that the sector continues to expand. 

Chris Williamson, Chief Business Economist at S&P Global, says, “Business sentiment, demand, hiring and investment are being subdued by uncertainty surrounding the Presidential Election, casting a shadow over the outlook for the year ahead at many firms.”