Major indices are still mostly in the red, but moving off session lows. Notably, the S&P 500 (SPX) is holding well above the 5760 level so far and holding a long-term support of 5900.

Five sectors are higher, with Health Care (XLV) leading the pack and getting a boost from United Healthcare (UNH) and Moderna (MRNA). Meanwhile, Energy (XLE) is the worst performer.

Extended factors are a sea of red, with small caps doing the worst while large caps are holding up the best. Notably, large cap low volatility and quality are showing some resilience. Meanwhile, small cap revenue is underperforming the most.

The Leading Economic index for April was -1% m/m from -0.8% in March and below estimates of -0.9%. The Coincident Economic Index came in at +0.1% m/m, decelerating from +0.3% in March, and the Lagging Economic Index came in at +0.3% after moving -0.1% in March.

The largest contributors for the decline were the S&P 500’s performance during April and Consumer Expectations for Business Conditions.