Major indices are mostly still in the green, but had an intraday dip after news broke that Senate Democrats are opposed to resuming Chinese semiconductor sales.

Investors are waiting for further details to come out on Chinese trade talks. Secretary Bessent met his Chinese counterpart in Stockholm, where the talks are expected to carry into Tuesday.

Bessent did make comments indicating the talks may result in an extension of the tariff’s pause.

Magnificent Seven names are split, but overall moving higher with Tesla (TSLA) leading the pack.

Three sectors are in the green, with Energy (XLE) leading the way up and getting a boost from the move in oil prices. Meanwhile, Utilities (XLU) is the worst performer.

Despite the news Democrats are opposing China chip sales, names in the sector are still making up some of the top advancers in the S&P 500, joined by some Energy names as well. Nike (NKE) is also among the top advancers, getting a boost from an upgrade to Overweight from Neutral at JPMorgan, as well as a ceasefire between Thailand and Cambodia, where it has some suppliers.

Economic Data

The Dallas Fed Manufacturing Index rose into positive territory after 5 months of negative readings, moving to 0.9 in July from -12.7 in June.

Notable Changes:

• New Orders Index rose to -3.6 from -7.3
• Employment Index moved to 8.4 from 5.4
• Raw Materials Price Index was relatively unchanged at 41.7
• The Future Production Index rose to 30.3 from 22.3

Buckle up, this is going to be an intense week.

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