The market is relatively mixed today, with the S&P 500 and Nasdaq bouncing between red and green. Meanwhile, the Russell 2000 is the best performing index as investors rotate from growth names to value names.

Trump gave an update on tariffs stating that there will be no extension past August 1^st. He also noted that European Union talks are progressing, and a letter is about 2 days away from being sent to them. Trump also made a few comments on the pharmaceutical and copper industry tariffs. He stated he believes copper tariffs will be at 50%.

Five sectors are moving higher, with Energy (XLE) in the lead and getting a boost from oil. Meanwhile, Utilities (XLU) is the laggard of the day.

Magnificent Seven names are mixed, although Tesla (TSLA) is leading the pack higher after recent data shows a recovery in its China-made EV June sales.

Notably, oil prices are rising and testing the 200-day moving average after a new attack on a ship in the Red Sea by the Houthis. This comes despite a further output increase from OPEC+.

The ten-year treasury yield (TNX) continues to move higher, up 2.8 basis points and breaking above both the 200- and 50-day moving averages.

The 3-year note auction drew a high yield of 3.891%, about 0.4 bps above the when-issued yield of 3.887%, and recorded a bid to cover of 2.51.