There was an impressive early bounce attempt on the S&P 500 and Nasdaq, but it might have happened too soon.

The Magnificent Seven (MAGS) are continuing lower as a group and broke below their 200-day moving average. Today Tesla (TSLA) is leading the pack lower after regulators opened an investigation into a crash involving their car that may have been using self-driving.

The defensive sectors of Consumer Staples (XLP), Real Estate (XLRE), and Health Care (XLV) are in the lead as investors take profits and rotate from Technology (XLK) and Industrials (XLI). Notably, software names are catching a bid, while hardware and semiconductors move lower.

The US Energy Department is planning to offer approximately $17.5B in low interest rate loans aimed at accelerating 10 large nuclear reactors.

Economic Data

The S&P Composite PMI for June rose to 52.2 from 51.5. This was bolstered by manufacturing output rising to 57.7, its fastest rate in 6 years, as well as services activity rising to 51.3 from 50.7.

Meanwhile, the Richmond Manufacturing Index for June fell 9 points to 4. This came as shipments, new orders, and local business conditions eased. Notably, price trends moved higher on both paid and received.