The market has reversed earlier losses helped by gains in the nine sectors, including Technology (XLK).

Only two sectors are lower, with Communication Services (XLC) falling the most after Alphabet (GOOG/L) and Match Group (MTCH) had negative earnings reactions. The leading sector is Real Estate (XLRE), benefiting from rates moving down.

The ten-year treasury yield (TNX) sits at its lowest since the day the Fed cut rates in December.

Economic Data

The decline in yields is driven by the downside ISM Service surprise which came at 52.8, missing consensus of 54. Notably, the prices paid component came in at 60.4 and saw a sizable miss compared to forecasts of 65.1.

The ADP Employment Report saw the U.S. add 183K workers to payrolls in January, above last month’s 176K gain and estimates of 150K.