It is another intra-day bounce, with major indices moving off their session lows.

The Magnificent Seven are roughly split between decliners and advancers. Microsoft (MSFT) and Meta Platforms (META) are falling, while Tesla (TSLA) and Alphabet (GOOG/L) are moving higher.

The only sectors in the red are Energy (XLE) and Technology (XLK). Technology is moving lower, driven by a poor earnings’ reaction from Applied Materials (AMAT).

Health Care (XLV) is the leading sector and rebounding off its lows. The sector fell to its lows after President Trump announced cutting medication prices.

The Ten-Year Treasury Yield (TNX) is down 1.7 basis points to 4.438%.

The preliminary University of Michigan Consumer Sentiment for May fell to 50.8 from 52.2 in April and below forecasts of 53.4. The Current Conditions Index fell to 57.6 from 59.8, while the Expectations Gauge fell to 46.5 from 47.3. Notably, 1-year inflation expectations rose to 7.3% from 6.5%, while 5-10 year inflation expectations rose to 4.6% from 4.4%.

Have a great weekend!