Major indices are moving lower, there is profit taking action this afternoon after the market reached its best level in almost three weeks yesterday.

The magnificent seven and weakness in semiconductor stocks are contributing to Nasdaq’s underperformance. Tesla (TSLA) and Nvidia (NVDA) are the worst performers in the magnificent seven.

Five sectors are moving higher, with Consumer Staples (XLP) as the clear frontrunner. Technology is the laggard, followed by Consumer Discretionary (XLY).

Oil is higher, climbing to its best level in more than three weeks. Today the EIA report showed a decline in crude and inventories.