The market remains higher with six sectors trading in green, with Energy (XLE) leading, while Communication Services (XLC) is underperforming. Energy is being driven by support in rising oil prices, while gains in Materials (XLB) are being fueled by higher metal commodity prices.

Soft showings from heavyweight components in the Communication Services sector are offsetting outperformance in legacy media names.

Magnificent seven names are mixed: Alphabet (GOOG/L) slips from record highs, while Meta Platforms (META) remains near its lowest level since early April. Nvidia (NVDA) and Tesla (TSLA) are the magnificent seven standouts.

On the geopolitical front, President Trump told Axios he is considering resuming military action against Iran in order to force a deal, but will likely wait after his China visit.

Economic Data

April existing home sales rose +0.2% MoM vs. +2% consensus and -2.9% prior.

• Median Selling Price +0.9%YoY to $417,700 (highest for any April on record)
• Inventory increased to 1.47M (most for any April since 2019)