Major indices are reversing off the lows of the day after President Trump said his call with Putin will not lead to immediate peace, but believes he is on the same page regarding the Iran nuclear weapon talks.

Magnificent Seven names are mostly in the green, with Meta Platforms (META) in the lead. Tesla (TSLA) is the notable exception, moving lower after new data showed a drop in sales among several regions for May.

Six sectors are in the green, with Health Care (XLV) leading the way up. Meanwhile, Energy (XLE) is the laggard in part due to oil prices, which are lower after Saudi Arabia raised OPEC+ production and is contemplating further increases.

The Ten-Year Treasury Yield (TNX) notably dropped 10 basis points, moving the yield below the key 4.4% level.

Economic Data

The ISM Services PMI for May came in at 49.9 from 51.6 and below forecasts of 52. New orders fell to 46.4 from 52.3 and prices paid rose to 68.7 from 65.1; however, the notable bright spot was employment, increasing to 50.7 from 49.

While respondents remain concerned over tariffs, retail trade and utilities indicate good business activity.