Major indices are mostly moving higher with the S&P 500 reaching a fresh record high.

Six sectors are moving higher, with Technology (XLK) in the lead. The sector is getting a boost from hardware and semiconductor names, while software edges lower. Semiconductor names are benefiting in particular after a few notable price target upgrades in the space, including Western Digital (WDC) and Micron (MU) (more below). Meanwhile, the dip in oil prices is helping to push Industrials (XLI) into second place and pushing Energy (XLE) to the bottom of the list.

Space names are making up many of the top advancers today as hype surrounding the SpaceX IPO adds fuel to the niche. Additionally, Micron (MU) is looking to join the $1T market cap club today following a price target tripling from UBS.

Oil prices are lower on Iran peace negotiation progress, but have moved off their intraday lows after some reported skirmishes late yesterday. Additionally, there was a renewal of Project Freedom to escort tankers through the strait, starting with a Greek supertanker carrying 2 million barrels of crude oil.

The Ten Year Treasury Note (TNX) is seeing a similar action, down 5.2 basis points, but regaining some ground intraday and currently holding the 4.50% level.

In AI  news, OpenAI is expanding its ads to small businesses after recently rolling them out for big name brands.

Economic Data

The Conference Board Consumer Confidence for May edged lower to 93.1 from 93.8, but beat estimates of 92. The Present Situation Index retreated by 3.2 points to 121.2, partially offset by a 1 point rise in the Expectations Index to 74.4

Single family home prices increased 0.1% M/M in March following a downwardly revised 0.1% decline in February and coming in-line with expectations.

The Dallas Fed Manufacturing Index was at 0.4 in May from -2.3 in April, while the Outlook remained stable at 0.3 from 3 last month. Capacity utilization, production, new orders, and shipments all saw notable decelerations from April. Meanwhile, prices paid rose 5.7 points, while prices received fell 8.7 points.

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