Major indices are mostly pulling back and near the flatline. There are some notable moves, but the advance has not been as strong as previous mega-cap rallies.

The magnificent seven are split between red and green. Notably, Apple (AAPL) initially moved higher following earnings, but has since come down to test the baseline.

Three sectors are in the green, with Consumer Discretionary (XLY) in the lead and getting a boost from favorable Amazon (AMZN) earnings, released yesterday after the bell. Meanwhile, Utilities (XLU) and Materials (XLB) are lagging.

Earlier this morning, Trump indicated he will not restart negotiations with Canada. This comes after Trump called off trade negotiations last week due to a misleading advertisement aired by the province of Ontario.

In other news, the FDA is reportedly planning to unveil a new approval process for custom gene editing, aimed at accelerating development and investment in the space.

This morning, two voting members voiced their opposition to the recent 25bps rate cuts. Kansas City Fed President Schmid cited above-target inflation and the strong market continuing for dissenting against this week’s 25-basis point cut. Moreover, Dallas Fed President Logan echoed similar sentiments.

The CME FedWatch now assigns a 63% probability of another 25 bps rate cut in December, from 72.8% yesterday and 95.8% one week ago.

The Chicago PMI rose to 43.8 in October from 40.6 in September, and above estimates of 42.3.

Wishing everyone a happy Halloween and a great weekend!