It is an exciting morning on the floor of the NYSE as we await the arrival of the First Lady, Melania Trump, who will ring the opening bell. Yesterday was a mixed session with tech moving back into a leadership role for the third consecutive day, a streak that could continue after an evening of solid earnings. The S&P 500 ticked to a new all-time high but is still trading just under the closely watched round number (7k). On the flip side, the Dow Jones Industrial Average fell nearly 1%, getting a bit further away from its milestone, after United Health fell nearly 20% after CMS held Medicare Advantage rates around unchanged for 2027. The other highlight of the day was the continued weakness in the USD index which briefly broke last year’s low (~$96) late in the session as President Trump suggested he was ok with the recent weakness.

Global markets were mixed overnight with Asia rallying largely due to tech strength. European indices were mixed at the open but have been moving lower throughout the session. S&P futures are up ~0.25% but are off of the best levels. As mentioned earlier since the close the tech earnings have been strong (ASML/GLW/STX/TXN) and there will be another round of updates after the close (IBM/LRCX/META/MSFT/NOW/TSLA). Earnings elsewhere are being met with a more mixed response. There are a handful of industrials trading lower in the pre-market (DHR/GEV/LII/OTIS/TXT). Consumer related are mixed with Starbucks, Brinker International and Birkenstock trading higher while VF Corp and LVMH are under pressure.