It was another down session yesterday, but the glass wasn’t half empty or full. Growth sectors stumbled, but investors found solace and sought opportunities in defense and some cyclical sectors.

Low volume continues to stand out when everything else is being battered around.

Lower Rates Influence Stocks

The 10-Year yield (TNX) is in freefall mode. It may not continue as members of the Federal Reserve speak out, but the move is seen as an ode to Elon Musk and DOGE’s efforts.

Bottom Fishing

Speaking of being battered around, homebuilders enjoyed a solid session as the yield continued to move lower. 

Market Breadth

Buyers shifted to higher-quality names on the New York Stock Exchange (NYSE), while NASDAQ Composite names struggled. Decliners outnumbered advancers, new lows towered over new highs, and the down volume was almost twice the up volume.

The NASDAQ is in full retreat, and now it must find a way to halt its decline or tumble to its 200-day moving average.

It's all on the shoulders of CEO Jensen Huang and Nvidia (NVDA), which reports after the closing bell. The stakes are high, as the stock has an impressive track record of massive market cap losses associated with earnings guidance results.

Today’s Session

Major indices are mostly higher this morning.

President Trump and Ukrainian President Zelensky are scheduled to meet this Friday to sign a minerals deal, and to make further progress towards peace negotiations.