Major indices are in the midst of the toughest session this week, which is poised to end the nine-week winning streak for the S&P 500. The strong jobs report has added pressure to the Street’s expectations of a rate hike.

Technology (XLK) is a sea of red again with nearly all Magnificent Seven names moving lower. Nvidia (NVDA) is leading the pack lower, as US regulators debate whether the new US chip export restrictions to China were narrower than intended. Tesla (TSLA) is also under pressure after they delayed their Roadster demo until August.

Four sectors are moving higher, mostly defensive sectors, including Consumer Staples (XLP), Health Care (XLV), and Real Estate (XLRE) as investors take profits and rotate out of Technology (XLK).

In other news, oil prices are making a move lower and broke below the $90 level.

Trump took to Truth Social today to underscore this morning’s jobs report; while emphasizing it does not necessarily mean inflation.

In AI news, Anthropic has indicated that AI labs should consider a pause of frontier model development, underscoring the concern of AI self-improvement which could usher in a singularity.

Have a great weekend!