Major indices are mostly headed higher, recovering from an early morning dip.

Six sectors are moving higher with strength in mega cap components propelling Communication Services (XLC) and Consumer Discretionary (XLY) into the top spots. Tesla (TSLA) is the biggest gaining mega cap following a rollout of a new version of self-driving software, while Alphabet (GOOG/L) is the runner up and boosting its respective sector as it officially joins the Dow Jones Industrial Average. Meanwhile, Materials (XLB) are lagging as metal commodity prices edge lower.

In other news, the Supreme Court ruled that Lisa Cook could continue her role as a member of the Fed during legal proceedings.

ByteDance is reportedly targeting early next year to finalize the design of their in-house AI infrastructure CPU, with Qualcomm (QCOM) helping with development and foundry capacity.

Interestingly, California signed a deal with Anthropic to allow discounts for Claude across state agencies, with Anthropic also providing training and technical support.

In other Anthropic news, the company renegotiated its deal with Amazon (AMZN) to price Claude by tokens instead of compute hours starting next year.

On the Iran front, a meeting is expected between the USA and Iran in Doha tomorrow as tensions continue to de-escalate following some skirmishes this weekend.

Economic Data

The Dallas Fed Manufacturing Index for June came in at 0 from a 0.4 increase in May. Notably, the Outlook Index rose 2 points to 2.3, while the Uncertainty Index eased by 8 points to 10.9. Additionally, the Employment Index rose to 13.9 from 0.2 and the Future General Business Activity Index increased 12 points to 25.9.

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