The S&P 500 and Nasdaq have reversed morning losses and are now in the green. However, the Dow Jones and Russell 2000 lag in the red.

Technology (XLK) and Energy (XLE) are the only sectors in the green and roughly tied. Technology is benefiting from a broad rally in the space as the AI theme continues to ignite the sector. Notably, software names are leading the charge in the sector today. Energy is benefiting from Iranian escalations and some strikes in the region. On the other end, Consumer Discretionary (XLY) and Utilities (XLU) are lagging due to the Iranian escalations.

Notably, the Iranian strikes are causing the Ten Year Yield (TNX) to rise 5.2 basis points and edge over the 4.5% level again.

The trouble in the Iran-US peace talks is also sending oil higher and retaking the $90 level.

Anthropic confidentially filed a draft S-1 with the SEC for a proposed IPO, with prediction markets now expecting Anthropic to IPO before OpenAI

Economic Data

ISM Manufacturing PMI rose to 54 in May from 52.7 last month and beat estimates of 53. New orders, production, employment, and exports all saw acceleration. Notably, this came as prices decelerated.

Construction spending rose 0.4% M/M in April following a revised 0.2% increase in March and ahead of the forecasted 0.2% rise.

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