Yesterday most US major indices ended modestly higher after better-than-expected inflation data and strong bank earnings. Tech was the primary driver of gains with chip and memory stocks recouping some of the previous day’s losses. IBM traded sharply lower after a negative pre-announcement.

Futures were trading around unchanged throughout the overnight session and moved higher after this morning’s PPI data came in better (lower) than expected. This follows yesterday’s cool CPI print, further easing inflation concerns. The S&P 500 opened up 0.4% and has traded in a relatively tight range. Just before noon the index moved lower as some Iran headlines hit the tape. The S&P is currently down 0.2% at the LOD.

Tech is seeing mixed results. Semis and memory names began flat to slightly lower but have fallen throughout the morning. The megacaps are driving Comm Services and Consumer Discretionary to the top of the board today. There’s strength across both sectors, however, including media/telecom, travel/leisure and retailers. Financials are broadly stronger as well outside of insurance, led by Blackrock’s 7% earnings pop. PayPal is up 15% on news Stripe and Advent offered to acquire it. Oil’s early weakness put Energy at the bottom today, though crude is off its lows. Tech, Industrials (Pentair sympathy, electric/construction), and Materials (miners, ag/fertilizer) are also lower.

Precious metals rose yesterday and gold jumped today on the PPI print this morning, but has since reversed that gain and is now modestly lower. Crypto is extending yesterday’s gains with Bitcoin testing $65k and Ethereum moving above $1,900, on its way for a potential test of $2K and the 100d ma.