Today all major indices are moving lower as we await several Fed speakers and key inflation data on Thursday. The Russell 2000 is the worst performer.

Only Technology (XLK) and Energy (XLE) are in the green so far. Utilities (XLU) is lagging the most, down 1.59%, followed by Consumer Discretionary (XLY) down 1.27%.

Nvidia (NVDA) is one of the Technology names keeping the overall sector in the green. The “insane” demand for Blackwell chips seems to have beaten the overall market sentiment today.

Chinese stocks are reversing lower as China’s State Council Information Office will hold a press conference tomorrow to discuss policies to boost economic growth.

PDD Holdings Inc. (PDD) received an upgrade from Macquarie this morning, it initially resulted in a rally but reversed lower intraday. There is concern that China will tamp down the hysteria tomorrow.

Decliners swamped advancers on both NYSE and NASDAQ. Look for more volatility as traders’ position and reposition amid this period of uncertainty.