Most major indices have improved from session lows, while Nasdaq Composite reached a new record high level during early hours of trading. The Russell 2000 (IWM) is the only index underperforming today, but still holding support around $243.50.

According to Bespoke, S&P 500 is trading in extremely overbought territory, but there hasn't been a similar move in the underlying breadth.

The magnificent seven is mostly moving higher, with Apple (AAPL) leading the pack higher as the iPhone 17 launch starts. Meta Platforms (META) is the only name lower after the company unveiled their new smart glasses, but the unveiling demonstration had bugs and glitches.

Four sectors are in the green, with Technology (XLK) leading the way up. Gains in mega-cap names Tesla (TSLA) and Amazon (AMZN) are helping the Consumer Discretionary (XLY) sector be the second-best performing sector. On the other hand, Energy (XLE) is lagging as oil and natural gas prices are moving lower.

The market is looking to close the week in the greed zone, after moving to neutral last week.

Since the FOMC rate cut, the ten-year treasury yield (TNX) has bounced above its support at 4% and sits near a two-week high. This suggests the bond market is skeptical of the Fed’s rate cut.

According to the NY Fed GDP Nowcast, third quarter GDP is expected at 2.10%.

Investors will be watching action in the last hour closely as it is a triple witching hour today, which can boost volatility.

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Have a great weekend!