All major indices are up marginally today, and on their way to wrap up what could be the best week of the year.   

Notably, the fear index (VIX) is sinking below 15 as the market moves away from extreme fear and gets ready for next week’s Jackson Hole.

Six out of eleven sectors are in the green so far today. Real Estate (XLRE) is falling the most after this morning’s housing data. Financials (XLF) and Communication Services (XLC) are tied for the top gainer spot, both rising by 0.49%, followed closely by Consumer Discretionary (XLY) up 0.45%.

August Consumer Sentiment Index rose for the first time in five months to 67.8 from 66.4 and beating estimates of 66.9. However, the index remains below pre-pandemic levels.

There is optimism from consumers about their finances as inflation expectations remain steady.

Meanwhile the Atlanta Fed lowered its 3Q 2024 GDP estimates to 2.0% from 2.4% driven by a sharp reduction from residential fixed investment.