Major indices are mostly heading higher, with the wins concentrated in the mega-cap components.  

Apple (AAPL) is leading the Magnificent Seven higher, after news broke the company is announcing at the White House at 4.30 p.m. EST, that it is increasing its investment in domestic manufacturing by an additional $100 billion.

Microsoft (MSFT) is the only name in the group marginally lower.

Apple’s news comes after Trump fulfilled his CNBC interview promise from yesterday by announcing an additional 25% tariffs on India due to their importation of Russian oil. This rise will go into effect on August 27^th and bring the total tariff rate to 50%. White House Official revealed this morning Apple (AAPL) will remain largely unaffected by India tariffs.

Apple (AAPL) manufactures the majority of its iPhones headed to the US in India, after the company diversified its supply chain beyond China following the pandemic.

There is a tie for the front runner spot between Consumer Discretionary (XLY) and Consumer Staples (XLP), both showing strong leadership. Meanwhile, Health Care (XLV) is the laggard after poor earnings reactions, including Davita (DVA), Charles River Laboratories International (CRL), Amgen (AMGN), and Bio-Techne (TECH).

This earnings season, American companies have announced the highest monthly total buybacks for July at $166B.

The Treasury auction was sloppy, again, yielding 4.255% with a big-to-cover ratio of 2.35, which is below the average of 2.5.