Major indices are mostly moving lower ahead of tomorrow’s FOMC meeting, with the exception of the Dow Jones.

However, under the hood the action looks better. Nine of the eleven sectors are moving higher with Financials (XLF), Utilities (XLU), and Industrials (XLI) leading the way. Technology (XLK), on the other hand, is seeing rotation and profit taking.

Meanwhile, the Ten-Year Treasury Yield (TNX) is continuing lower, down 4.1 basis points today.

This comes as oil continues to fall, breaking below 80, as the Iran Conflict de-escalates.

In other news, SpaceX (SPCX) continues to show momentum and now boasts a market cap of nearly $3 trillion.

Economic Data

Housing starts in May declined by 15.4%, extending the 8.5% decline last month.

Additionally, building permits fell 0.7% in May, following a 4.4% rise in April.

The New York Services Index fell 4.3 points to -10.1 in June. However, the Business Climate Index rose 9.6 points as sentiment improved with Iranian negotiations progressing. Meanwhile, both Employment and Wages accelerated by over 9 points.

Another notable point in the report was that expectations for prices paid six months ahead fell by 10.9 points as Iran worries ease.

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