Major indices are all advancing and currently near session highs.

The magnificent seven are all moving in the green. Tesla (TSLA) is the leader of the group, following a reinstated Buy rating from Bank of America (BAC), which cited potential in Tesla’s self-driving capabilities and robotaxis.

Seven sectors are moving higher, with Consumer Discretionary (XLY) and Technology (XLK) out front. Technology (XLK) is benefiting from buying the dip action, with notable moves particularly in the memory-related names. Meanwhile, Consumer Discretionary (XLY) is getting a boost from its mega cap components as well as travel stocks also seeing some dip buying action.

On the other side of the list, Energy (XLE) is lagging following Trump’s proposal to help provide insurance for ships navigating the Strait of Hormuz and keep energy commodity prices under control.

Economic Data

ISM Services PMI advanced to 56.1 in February from 53.8 in January and beat expectations of 53.5. Notably, inventories and backlog of orders flipped into expansion, while the growth in new orders and employment accelerated. Furthermore, prices decelerated 3.6 points to 63.

February’s ADP Employment Report showed a 63,000 increase in private sector jobs, ahead of the 50,000 increase that was anticipated. Most of the move was driven by small-sized businesses with 1-19 employees, while mid-sized businesses saw a decline.