All major indices are moving lower today and looking for direction, but still near a recent record. The focus is on the Federal Reserve chair speech at 3pm ET. The Russell 2000 is leading the way down, followed by the Nasdaq Composite.

Bitcoin (BTC) pared gains and fell below the $90,000 level.

Only Consumer Staples (XLP) and Utilities (XLU) are marginally in the green. Industrials (XLI) are down the most, losing 1.53%.

Defense names are taking a beating and dragging Industrials lower after Trump announced Pete Hegseth as his Defense Secretary. There are also fears that the Department of Government Efficiency (DOGE) will be cutting down on wasteful military spending.

Decliners are outpacing advancers while volume is mixed.