Major indices came out of the gate with some gusto, but struggled to hold onto gains and are now moderately in the red.

Five sectors are moving higher, with Energy (XLE) in the lead. On the other hand, Health Care (XLV) is the worst performer, with Eli Lilly and Company (LLY) as the laggard in the sector after the UK recommended not to reimburse the cost of their Alzheimer’s drug.

Magnificent Seven names are mostly moving lower, with Alphabet (GOOG/L) lagging the pack. The company offered to tweak its search results to address an EU antitrust ruling, and was the target of a new probe from Turkish regulators.

The Dollar Index (DXY) is continuing to move lower.

This comes as fund managers underweight the US dollar to the largest extent in 20 years.

Economic Data

The Philadelphia Manufacturing Index stayed put at -4 in June below estimates of -1.

Notable Changes:

• Business Conditions fell to 18.3 from 47.2
• Employment fell to -9.8 from 16.5
• New orders fell to 2.3 from 7.5
• Prices paid fell to 41.4 from 59.8
• CAPEX index fell to 14.5 from 27

The Leading Economic Index (LEI) in May declined 0.1% to 99.0, seeing its sixth straight monthly decline. 

Today marks the second triple witching event of the year. The S&P 500 indices rebalance on the close, where investors often sell leaders and buy laggards. Expect some volatility in today’s action.

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