Most indices are still in the red; however, they are moving off their session lows.

The Magnificent Seven are overall pulling indices lower as Tesla (TSLA) and Apple (AAPL) lag. Berkshire Hathaway (BRK.B/A) is moving lower after Warren Buffet announced his retirement.

The Ten-Year Treasury Yield (TNX) is up 2.1 basis points and holding above the 4.3% level.

Five sectors are in the green with Industrials (XLI) leading the way. Energy (XLE) is the laggard followed by Consumer Discretionary (XLY).

Oil continues to move lower, losing 2.08% and contributing to Energy’s underperformance.

Economic Data

The S&P Composite PMI for April was revised lower to 50.6 from 51.2, with services being revised lower to 50.8 from 51.4.

On the other hand, ISM Services PMI rose to 51.6 in April from 50.8 in March and above forecasts of 50.6.

Notable Changes:

• Business Activity declined to 53.7 from 55.9
• Employment rose to 49 from 46.2
• New Orders rose to 52.3 from 50.4
• Prices rose to 65.1 from 60.9

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