Major indices have moved off of session lows and are now marginally in the green with the exception of the Russell 2000.

Despite this, underlying breadth in the S&P 500 is positive with advancers dwarfing decliners.

Top decliners in the S&P 500 are mostly concentrated in software and specifically there is profit taking action in many cybersecurity names. Meanwhile, top advancers are mostly centered in consumer facing companies. Meta Platforms (META) is the top advancer in the S&P 500 and continues to benefit from its new AI models, and Dollar Tree (DLTR), another Hotline Model Portfolio position, is also among the top gainers in the index.

Seven sectors are moving higher, with Materials (XLB) in the lead as some metal commodity prices are moving higher. On the other end, Health Care (XLV) is lagging as the sector sees some profit taking following a recent run higher.

Energy (XLE) is also making a move lower as oil prices edge down on a new round of talks between the US and Iran.

However, the Ten Year Treasury Yield (TNX) is edging higher and holding above the 4.5% level.

Trump confirmed the new round of talks on Truth, but also noted that the current ceasefire is over. Additionally, Qatari mediators are reportedly in Iran assisting with the new round of talks to de-escalate tensions and resolve disputes over the Strait of Hormuz.

Meanwhile, the SK Hynix ADR (SKHY) listing started trading today and has moved above its price at the start of trading of $170, with 50 million shares already traded. Today the ticker will be SKHYV, not SKHY, as it is still when-issued trading today. The SKHY ticker starts on Monday.

On the AI front, this week SpaceXAI (SPCX) released their new Grok 4.5 AI model, which they are calling an Opus class model, a term named after the Anthropic Opus model. While benchmarks are not everything, Grok 4.5 has scored at a comparable level to peers, but notably cheaper.

Have a great weekend!

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