Major indices remain under pressure as losses in five sectors outweigh gains in the remaining five groups.  

There is some bleeding in semiconductor stocks today, including the new ADS listing for SK Hynix (SKHY). Even Taiwan Semiconductor (TSM) is down 2.2% after reporting strong June revenues. 

However, some bargain hunting in software stocks is  keeping the Software ETF (IGV) above its 50-day moving average.

Oil prices raced upward today as Trump said the US would reimpose its blockade of the Strait of Hormuz and begin charging a 20% fee on any cargo shipped through the strait. 

In other news, Fed Governor Waller (a voting FOMC member) said another hot inflation reading could warrant a near-term rate hike.

All eyes on tomorrow’s CPI as the Street expects a 0.17% increase in June core CPI and a decline of -0.1% in headline.