The market was split with the S&P 500 and Nasdaq in the red, while the Russell 2000 and Dow Jones were in the green.

Meta Platforms (META) gave a big boost to Communication Services (XLC), making it the best performing sector. Financials (XLF) also saw a move higher and got a boost from several positive earnings reactions, including Mastercard (MA), Ameriprise (AMP), and Marsh (MRSH).

On the other hand, a dismal reaction to Microsoft’s (MSFT) earnings releases added pressure to Technology (XLK). ServiceNow (NOW) was another laggard following its earnings release and dragged down software stocks.

Energy (XLE) also made a move higher, as oil price rise on increasing expectations of escalation in the Middle East.

Although there were talks to split the funding bill to separate DHS from the rest of it, this failed to pass the senate last night. They are reconvening this morning to vote on the revised package; however, the House is not in session until Monday, thus the odds of a shutdown have increased to 79.5%.

Apple (AAPL) reported yesterday after the close, where it saw a double beat on earnings and revenue. The company saw strong China and iPhone demand, while services, Mac, and wearable sales missed analysts’ expectations. The stock initially traded higher on the results, but is now marginally in the red this morning.

In addition, SanDisk (SNDK) reported solid second quarter results and raised its outlook. The results confirm memory demand continues to outpace supply. The stock is up 22% in pre-market hours.

Today’s Session

Major indices are currently in the red during the pre-market.

Early this morning, Trump announced Kevin Warsh as the next Chairman of the Fed. We think it’s a brilliant pick and will have more in Monday’s Payne's Perspective.

For economic data, we are getting PPI and Chicago PMI later this morning.

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