The market is moving higher following the favorable economic and earnings data that came out this morning.

Additionally, the market has edged into Extreme Greed territory today.

Three sectors are in the red, with yesterday’s winner, Health Care (XLV), lagging the pack after Elevance Health, Inc. (ELV) released disappointing earnings with a guidance cut this morning. Meanwhile, Technology (XLK) is the leading sector.

The NAHB Housing Market Index edged up to 33 in July from 32 in June and came in-line with expectations. Expectations for sales in the next 6 months rose 3 points to 43, whereas the current sales conditions rose 1 point to 36. Notably, 38% of builders reported cutting prices in July.

Buddy Hughes, the Chairman of NAHB, also made comments reiterating the strain from higher interest rates and touting the Big Beautiful Bill as a boon for the housing market.

“The passage of the One Big Beautiful Bill Act provided a number of important wins for households, home builders and small businesses. While this new law should provide economic momentum after a disappointing spring, the housing sector has weakened in 2025 due to poor affordability conditions, particularly from elevated interest rates.“- NAHB Chairman Buddy Hughes