Major indices are mostly moving higher, with the exception of the Nasdaq. This comes as Magnificent Seven names are in the red across the board. Apple (AAPL) is leading the pack lower after announcing a price hike on their Macs and iPads by $200 or more following higher memory and other chip prices.

Five sectors are moving higher with Industrials (XLI) in the lead, followed by Health Care (XLV) and Materials (XLB). Meanwhile, Consumer Discretionary (XLY) names are lagging, with weakness in mega-cap components and apparel names contributing to the sector’s weakness. Communication Services (XLC) is also under pressure with names exposed to advertising contributing to the move.

International Business Machines (IBM) revealed a research stage 0.7nm 3D transistor design and said the new design would be capable of packing almost 100 billion transistors on a fingernail-sized chip with improved efficiency. This is a major step in progressing beyond the nanometer era and down to the scale of atoms.

The Ten Year Treasury Yield (TNX) continues to move lower, down 2.2 basis points, and is breaking below the 4.40% level.

Economic Data

The Kansas Fed manufacturing Index rose to 19 in June from 9 in May, reaching the highest reading since April of 2022. Notably, shipments rose to 20 from 7 and employment rebounded to 10 from -4. Prices paid rose to 68 from 63 and prices received also increased to 33 from 29.