Premarket Buzz Fades at the Open

Right at the open, the S&P 500 sits at 7,641.52 (+0.05%) and the Nasdaq at 26,511.92 (+0.35%) — basically flatlining. That's a step down from the 4:40am brief, where the S&P was running 1.13 points hotter and the Nasdaq 1.38 points hotter than now, so whatever optimism built up overnight lost more than half its steam by the opening bell.

The Fed's decision came out 12-0 unanimous, still flagging inflation as elevated, and the 10-year yield climbed back toward 5%. Oil kept sliding for a third straight day, and the manufacturing PMI came in at 54.6, pointing to slower growth in orders and production — all of which left futures mixed before the bell. Sector-wise, cybersecurity names are catching a bid while rate-sensitive utilities and financials are lagging. The won slipped to 1,376.60 against the dollar (+0.96%), and unlike yesterday's Kospi, which closed up a sharp 2.66%, New York isn't carrying that energy into today's session.

With six hours twenty minutes left before the close, I'll be watching Micron's earnings tonight and where that 10-year yield settles near 5%. Whether cybersecurity strength can keep offsetting the utilities-and-financials weakness is the other thing worth tracking. For the record, my book's showing Amazon -11.6%, Alphabet -4.3%, and Vertex -2.5% underwater, while ConocoPhillips is the lone bright spot at +4.4%.