Major indices are split, with the S&P500 and Nasdaq in the green, while the Dow Jones and Russell 2000 are relatively flat, but most indices are off their session lows.

The Magnificent Seven and other mega caps are moving higher for the most part and giving a boost to the Technology (XLK) sector. They are also contributing to the S&P 500 and Nasdaq’s outperformance, as these mega caps make up larger weights in those indices.

Four sectors are moving higher, with Technology in the lead, as the sector gets a continued boost from Broadcom’s (AVGO) earnings released last Thursday after the bell, and a boost from Oracle (ORCL), expected to report earnings tomorrow after the bell. On the other hand, the so called safe-haven sectors, Real Estate (XLRE), Utilities (XLU), and Consumer Staples (XLP) are the laggards.

The long awaited Klarna (KLAR) IPO continues to draw strong demand from institutional investors as it continues its path to going public. The company is expected to start trading Wednesday.

In other news, Nasdaq filed a proposal with the SEC to allow trading of listed stocks and ETFs in a tokenized form as well as in traditional form. If approved, the first tokenized trades could start as early as third quarter of 2026.

Goldman Sachs noted that the pace of AI adoption growth slowed during the past quarter.

Economic Data

Consumer inflation expectations for the year rose to 3.2% in August from 3.1% in July. Meanwhile, inflation expectations for the 3- and 5-year horizons were unchanged at 3% and 2.9%, respectively.

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