The S&P 500 and Nasdaq are in the green but off session highs as mega cap names give these indices a boost. Meanwhile, the Russell 2000 lags and the Dow Jones is in red territory.

The S&P 500 is approaching a key resistance level around its prior highs, a break above this level would be compelling to see.

Mega caps are almost all in the green, with Tesla (TSLA) out in front after the company announced it completed the design of its AI5 autonomous-driving chip. Software names are resuming their recent rebound effort.

Four sectors are moving higher. Technology (XLK) is out in front, led higher by mega cap components and software names. Financials (XLF) are also moving higher following a favorable earnings reaction from Morgan Stanley (MS) and getting a boost from Robinhood (HOOD) due to the ending of the pattern day trading rule. On the other hand, Industrials (XLI) and Materials (XLB) are lagging.

The Fear & Greed Index is finally running close to greed territory after being on fear most of March.

April NAHB Home builder sentiment fell to a seven-month low to 34, missing consensus of 37.

March import and export prices came hotter than expected. Import prices rose 2.1% YoY, up from 1% in February and above estimates of 2%. Export prices rose 5.7% YoY in March, making it the highest level since the end of 2022, and up from 3.8% the prior month.

Make sure to tune in to Charles Payne's Town Hall on the space niche on Fox Business at 2 PM EST.

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