Major indices are all in the red but recovered most of early morning’s losses. Some are approaching the flatline, as investors exhibit resolve.

Magnificent Seven names are mostly moving lower, but seeing some notable intraday reversals into the green. Nvidia (NVDA), Amazon (AMZN), and Apple (AAPL) are leading.

Five sectors are moving higher, with Energy (XLE) in the lead. The Energy sector's gains are supported by higher oil prices following OPEC+’s decision to halt production increases. Technology (XLK) is making an intraday rebound thanks to its mega cap components after holding a 1.3% loss earlier. Meanwhile, Utilities (XLU) and Real Estate (XLRE) are the worst performers as a bump in long-term interest rates is adding pressure to those sectors.

AI and data center buildouts are not the only areas to see capex rise. Utilities are planning to nearly double capex spending over the next two years to improve the grid and power the AI revolution.

Economic Data

ISM PMI fell to 48.2 in November from 48.7 in September and below estimates of 48.6.

Notable Changes:

• Supplier deliveries fell to 49.3 from 54.2
• New orders declined to 47.4 from 49.4
• Employment edged lower to 44 from 46
• Price pressures edged higher to 58.5 from 58
• Backlog of new orders fell to 44 from 47.9
• Production rebounded to 51.4 from 48.2

Meanwhile, the S&P Manufacturing PMI for November was revised slightly higher to 52.2 from a preliminary reading of 51.9.

This time there were only 5 mentions of tariffs in the comments section.

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