Major indices are all marginally in the red, but showing resolve in moving off of session lows.

The magnificent seven are split between red and green. Apple (AAPL) is leading the way, after the company announced an event for new product launches on March 4^th. Meanwhile, Tesla (TSLA) is the laggard, after Chinese EV maker Xiaomi moved ahead of Tesla in Chinese monthly sales rankings.

Five sectors are moving higher, with Financials (XLF) in the lead as the long-awaited Basel III reforms are moving closer, reportedly set to see new mortgage loan requirements. On the other hand, Energy (XLE) is lagging as oil and natural gas prices are moving lower.

Economic Data

According to ADP data, private employers added an average of 10,250 jobs per week during January, up from 7,750 in December.

The New York Manufacturing Index fell to 7.1 in February from 7.7 in January and above forecasts of 7.1.

Notable Points:

• New Orders decelerated to 5.8 from 6.6
• Shipments eased to -1 from 16.3
• Inventories increased to 7.1 from -2.1
• Employment advanced to 4 from -9
• Input Prices moved higher to 49.1 from 42.8
• Selling prices picked up to 22.2 from 14.4

The NAHB Housing Market Index eased to 36 in February from 37 in January, missing estimates of 38. This came as builder sentiment fell 3 points to 46, while the traffic of positive buyers dropped 2 points to 22.