The S&P 500 hit a fresh record high this afternoon, but today’s move has slowed due to losses in five sectors, with the Consumer Discretionary (XLY) sector as the laggard. On the flip side, Financials (XLF) is in the lead, as several stocks in the sector had favorable reactions to earnings, including Nasdaq (NDAQ), Globe Life (GL), Blackstone (BX), and Raymond James Financial (RJF).

The Consumer Discretionary (XLY) sector's underperformance is driven by poor earnings reactions from LKQ (LKQ), Chipotle Mexican Grill (CMG), and Tesla (TSLA).

All the Magnificent Seven are moving higher, except for Tesla (TSLA), which is reacting poorly to earnings that showed a decline in revenue and earnings per share (EPS) year-over-year. Alphabet (GOOG/L) also reported earnings, but shares got a small boost from a double beat and metrics mostly coming in above expectations.

Economic Data

U.S. PMI rose to 54.6 in July from 52.9 in June, which was driven by an increase in Services PMI to 55.2 from 52.9 and above estimates of 53. This rise in Services PMI was partially offset by a decline in Manufacturing PMI to 49.5 from 52 and below estimates of 52.6.

New single family home sales in June rose by 0.6% to a seasonally adjusted annualized rate of 627,000, up from 623,000 in May, but well below forecasts of 650,000.

A reminder that today’s Unbreakable Investor: Live Forever and Prosper Town Hall will be on Fox Business at 2 PM EST.