Major indices are relatively flat and intraday action is choppy. The Russell 2000 is the only index marginally in the green.

The Ten-Year Treasury yield (TNX) is moderating, down 2.1% and still holding above the 4.6% level.

Seven out of eleven sectors are in the green. Utilities (XLU) is the frontrunner, followed by Real Estate (XLRE) and Communication Services (XLC). Energy (XLE) is the laggard with oil prices moving lower.

On the economic front, existing Home Sales rose by 2.2% m/m in December, down from a 4.8% m/m rise in November.

January’s Final Michigan Consumer Sentiment was revised lower to 71.1 from the preliminary reading of 73.2 and below December's reading of 73.4.

Notably, final one year Inflation Expectations were unchanged at 3.3%, up from 2.8% in December. The final 5-year outlook was revised down to 3.2% from 3.3% in the preliminary reading, up from December's reading of 3%.

Current Conditions came in at 74 in January, down from 75.1 in December and below estimates of 77.9.

The S&P Services PMI fell to 52.8 in January from 56.8 in December and missing expectations of 56.5.

Have a great weekend!

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