Major indices are rebounding off session lows, as growth stocks hit a pause from yesterday’s rally and investors anticipate the end of the shutdown.

The magnificent seven are mostly moving lower, with Nvidia (NVDA) leading the way down after SoftBank sold its holdings in the company. Meanwhile, Apple (AAPL) is bucking the trend and holding in the green.

Three sectors are in the red, with Technology (XLK) seeing profit taking action from its largest components. Meanwhile, Energy (XLE) is in the lead and getting a boost from a rise in oil prices as investors weigh further sanctions on Russia and an end to the shutdown.

So far, Technology has been the best-performing sector in the S&P 500 since the beginning of 2020. Historically, it has had at least six drawdowns worse than 10% in that timeframe.

This week the Fear & Greed Index moved out of extreme fear territory.

Market breadth showed signs of improving and broadening yesterday, but remains a key point.

On the economic front, ADP data indicated jobs declined by an average of 11,2500 a week during October.

Not surprisingly, job market pessimism is rising at a concerning pace, according to the latest data from the University of Michigan and UBS. 71% of US consumers expect an increase in unemployment in the next 12 months, while 23% perceive a probability of job loss.