Major indices struggle for direction after flirting with record highs. The S&P 500 briefly broke above 5,500 level and the NASDAQ Composite touched new highs.

This morning Fed Kashkari said nothing new, expecting rates to remain higher if inflation persists. He also expects “a year or two” to get inflation back to a 2% target. Earlier this week, the official mentioned he expects the Fed won’t cut rates until December.

*KASHKARI: LIKELY TAKE A YEAR OR TWO TO GET BACK TO 2% INFLATION

Other Fed speakers scheduled today:

• Thomas Barkin Speaks 4:00 PM ET
• Mary Daly Speaks 10:15 PM ET

The biggest winner by far is Energy (XLE), up over 2% as West Texas Intermediate Oil (WTI) rises past the $80 mark. The biggest loser today was Technology (XLK), with most of the other sectors not moving much.

Market breadth is mixed so far, with the NYSE having more up than down volume and the NASDAQ Composite having more down than up volume. However, both have more declining names than advancing names.