Most major indices are holding onto marginal gains, with investors continuing to wait on details coming out of the U.S. - China trade talks in London. Today’s strength has accrued mostly with micro-caps, small-caps, and high-beta stocks.

The S&P 500 (SPX) has reclaimed the 6,000 level, a huge psychological barrier.

Most Magnificent Seven names are relatively flat. Alphabet (GOOG/L) and Amazon (AMZN) are leading the pack higher.

Seven sectors are heading higher, with Materials (XLB) as the front runner. Meanwhile, Financials (XLF) are lagging.

Technology (XLK) is in 2nd place with a big comeback from semiconductors as China trade negotiations progress.

NY Fed Consumer inflation expectations tumbled in May.

• One-year-ahead expectations declined 0.4 percentage points to 3.2%
• Three-years-ahead expectations declined 0.2 percentage points to 3.0%
• Five-years-ahead expectations declined 0.1 percentage points to 2.6%

Notably, the report was led lower by gas, medical care, education, and rent; while food prices saw a 0.4 percentage point increase.