All indices are slightly in the red, except for the Nasdaq Composite which is still clinging to a gain of 0.08% after giving back some gains intraday.

The Russell 2000 is the largest lagger today, down 0.56%.

Four of eleven sectors are in the green with the best by far being Utilities (XLU), up 0.74%. The worst performing sector by far is Energy (XLE), down 1.14%.

Meanwhile, the 2y-10y yield spread keeps climbing rather sharply. The last time this yield curve was at this level was in June 2022.

On the economic front, new home sales fell -4.7%m/m to 716k, beating consensus of 700k. Median home prices declined to $420.6k while monthly supply moved up to 7.8 months at the current sales rate.

All eyes on tomorrow’s second quarter GDP results.