The market shook off some weakness and is sitting near the highs of the day. Fluctuations in the price of Nvidia (NVDA), following its quarterly report, have seen the major indices move in and out of positive territory. The S&P 500 established another record high of 6,497.35 before midday.

 

The Magnificent Seven are moving higher, with the exception of Tesla (TSLA) and Nvidia.

Five sectors are moving higher, with Technology (XLK) still in the lead, despite Nvidia lagging. This further exemplifies the market’s resolve. On the other hand, Consumer Staples (XLP) is the laggard, led lower by Hormel Foods (HRL) after they reported a miss on earnings this morning.

Tariff Talk

The EU proposed removing tariffs on U.S. industrial goods in exchange for retroactively cutting U.S. tariffs on European cars from August 1st.

Yields Update

The Ten-Year Treasury Yield (TNX) continues to move lower, down 2.5 basis points today, and approaching its support around 4.2%.

This is contributing to mortgage rates moving lower over August. This is a much needed trend for the folks on main street, addressing the housing affordability issue.

Economic Data

Pending home sales for July fell 0.4% M/M, decelerating from a 0.8% drop in June, but missing consensus of a 0.1% drop.

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