Major indices are split with only marginal changes. The Russell 2000 and Nasdaq Composite are in the green while the S&P 500 and Dow Jones Industrial Average are in the red.

The market is moving very close to Extreme Greed territory.

Six out of eleven sectors are in the green today, albeit most moving marginally. The best performer is Real Estate (XLRE), up 0.55%, and the worst performing sector is Materials (XLB), down 0.8%.

No good news for economic releases yet. Several economic data points continue to dive at a pace associated with recession. We saw it in the latest Leading Economic Indicators (LEI) early in the month and now today in the Chicago Fed Manufacturing PMI results.

Inflationary pressures continue to weigh in.

The Dallas Fed Manufacturing index is now down for 28^th straight months to -9 in September from -9.7 in August and missed consensus of -4.5.

There continues to be uncertainty with one respondent noting the outlook is “totally controlled by the November election.”

The market briefly moved into the green after Fed Bostic signaled a possible 50 basis point cut in November.

FED'S BOSTIC: I AM OPEN TO ANOTHER HALF-PERCENTAGE-POINT RATE CUT IF LABOR MARKET SHOWS UNEXPECTED WEAKNESS.

All eyes are now on Powell’s speech.