Major indices have been fluctuating near their baselines today, but mostly remain in green territory. This comes as investors await comments from the FOMC meeting at 2 PM EST.

Mega cap names are mostly moving lower and contributing to the Nasdaq and S&P 500’s underperformance.

Eight sectors are moving higher, with Industrials (XLI) in the lead. The best name in the sector is GE Vernona (GEV), which we are currently holding in our model portfolio, after the company raised its guidance and dividend. On the flip side, Technology (XLK) is the laggard and further contributing to Nasdaq’s underperformance, as the index is more tech heavy.

Notably, the ten year treasury yield (TNX) is making a move lower ahead of the FOMC meeting.

After the close yesterday, Bloomberg reported that SpaceX is moving forward with an IPO targeting mid-late 2026, an estimated $30B fund raise, and a valuation of $1.5T. This would be the largest IPO raise in history and preparing the ground for the so-called “Centicorns”.