Most major indices are bouncing around their baselines, reflecting the lack of directional catalysts. The Russell 2000 is well into the green as the small caps, once again, continue to stand out.

Seven sectors are moving higher, with Industrials (XLI) in the lead and getting a boost from defense and construction machinery stocks. Meanwhile, the consumer sectors of Consumer Discretionary (XLY) and Consumer Staples (XLP) are the worst performers. Costco (COST) is contributing to the move lower in Consumer Staples, after reporting light comparable sales, while Amazon's (AMZN) underperformance is adding pressure to Consumer Discretionary (XLY).

Space stocks are getting a boost after Sam Altman indicated OpenAI is looking to enter the space (no pun intended).

New orders for manufactured goods rose 0.2% M/M in September from a downwardly revised 1.3% gain in August and below expectations of a 0.5% rise.

Notable Changes:

• Transportation equipment orders slowed to a 0.4% M/M rise from a 8% rise
• Electrical equipment and component orders accelerated to a 1.7% M/M gain from a 0.5% gain
• Fabricated metal orders were maintained at a 0.5% M/M growth
• Computers and electrical products rebounded to a 0.5% M/M rise from a -1.1% decline
• Machinery orders were unchanged at a 2.1% M/M increase

Indices remain in a narrow range with no clear leadership and sector moves are largely offsetting each other.