Major indices are trading higher, powered by Apple (AAPL) after its earnings report. The market is also digesting this morning’s economic data with the core PCE coming in-line with expectations (more below).

The Magnificent Seven is back in gear and making a nice recovery from the Deepseek-R1 sell off from Monday.

Mega cap names are leading the Communication Services (XLC), Technology (XLK), and Consumer Discretionary (XLY) sectors to the top of the leaderboard. Energy (XLE) is the laggard of the day after Exxon Mobil (XOM) and Chevron (CVX) reported mixed quarterly results.

Economic Data

The Chicago PMI for January rose to 39.5 from 36.9 in December, missing expectations of 40. Notably, new orders surged 13.8 points and inventories also rose by 14.9 points, entering expansion again.

The annual PCE inflation rate rose to 2.6% in December from 2.4% in November, as anticipated.

Meanwhile, the annual core PCE inflation rate stayed flat in December at 2.8%, as expected.

Personal Income rose by 0.4% m/m in December, above a 0.3% rise in November and in line with forecasts.

Personal Spending rose by 0.7% m/m in December, up from a 0.5% increase in November and above estimates of a 0.5% increase.

Have a great weekend.

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