Major indices are moving lower despite seeing Core CPI falling below 3% for the first time since March 2021. Gold is continuing to rise, while oil is falling back below $60.

The Ten-Year Treasury Yield (TNX) fell back below the 4.4% level.

Notably, the Volatility Index (VIX) remains elevated and is on the rise again today.

Most of the Magnificent Seven are lagging the major indices, with Tesla (TSLA) falling the most.

All sectors are moving lower with Energy (XLE) and Technology (XLK) lagging the most. Consumer Staples (XLP) is holding up the best, but still down 1.17%.

Yesterday, the House passed the budget and tax cuts resolution which moves one step closer to passing these into law.

The 30-year bond auction yields 4.813%, just below the pre-sale when issued yield of 4.839%. The auction showed stronger-than-expected demand as investors accepted a lower return.