Major indices are mostly moving higher and off session lows, except for small caps in the Russell 2000.

Amazon (AMZN) is doing a lot of heavy lifting, rising 15% after earnings, and boosting Consumer Discretionary (XLY) into first place. Communication Services (XLC) is the runner up, benefiting from Alphabet (GOOG/L), after the company announced the launch of Gemini Robotics ER 2, an AI model centered around robots. Meanwhile, Materials (XLB) are at the bottom of the list as higher rates push metal commodity prices lower.

Technology (XLK) is underperforming as a sector largely due to Apple’s (AAPL) earnings reaction; however, most names in the space are moving higher.

The US Treasury may intervene in Yen markets following Japan's own intervention on Thursday which pulled the Yen off four-decade lows. This would be the first direct US action to support the currency since the coordinated G7 response to the 2011 earthquake.

The FOMC dissenters gave comments this morning laying out their reasoning.

These stories combined with an uptick in oil, following further skirmishes in the Middle East, are leading the Ten Year Treasury Yield (TNX) to move up 7.4 basis points today.

Economic Data

Michigan Consumer Sentiment was revised higher to 55.2 for July, from the preliminary reading of 54. Notably, year ahead inflation expectations eased to 4.2% from 4.6%, while long term expectations held at 3.3%.

Chicago PMI rose to 57.6 in July from 56.7, marking the third straight month of expansion and beating estimates of 56.

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