It’s a mixed session in afternoon hours with the S&P 500 and Nasdaq outperforming. The Dow Jones is the lone laggard, being led to the downside by Disney (DIS)’s 6% drop. Shares of Rivian Automotive (RIVN) continue to climb, up 23% on its second day as a public company.

Materials are holding the lead with strong leadership from miner Freeport-McMoRan (FCX), bouncing toward its June high. Utilities lagged after gains in the two last sessions.

Breadth is light with advancers outpacing decliners.

The U.S. Dollar (DXY) is gaining strength with a monumental breakout. A strong dollar could cool sizzling commodities, but it is not beneficial for multinational corporations.