Most major indices are mostly lower as investors await the FOMC meeting on Wednesday.

The Bureau of Labor Statistics announced they will not release October’s PPI report, due to the government shutdown, and instead will report some of the figures in November’s postponed report set for January 14^th.

The only sector in the green is Technology (XLK), getting a boost from semiconductor names and magnificent seven components. The move comes as Microsoft (MSFT) and Broadcom (AVGO) are reportedly in talks to design future custom chips. In addition, Intel (INTC) and India’s Tata announced a partnership to boost chip production in India.

On the flip side, Communication Services (XLC) is the laggard and being led lower by Netflix (NFLX) after Paramount Skydance (PSKY) threw a wrench in their acquisition of Warner Bros. Discovery (WBD) by attempting a hostile takeover.

The Ten-Year Treasury Yield (TNX) is up 3.5 basis points and sitting just above 4.17%.

The latest NY Fed survey reinforced signals from other indicators, including inflation expectations anchored around 3%. The good surprise in the survey came as household sentiment on the labor market improved. The expected probability of job loss dropped, while that of finding a job increased.