Most major indices are in the red; although, the S&P 500 and Nasdaq are well off session lows.

Most of the Magnificent Seven stocks are higher, led by Alphabet (GOOG/L), and contributing to Nasdaq’s lead.

Alphabet's (GOOG/L) strong action is being driven by an announcement they will be adding AI integration into search, and even a premium subscription AI service. In addition, they expanded partnerships with Volvo to deliver Android Automotive OS innovations and Warby Parker (WRBY) to develop AI glasses.

Communication Services (XLC) and Technology (XLV) are the only sectors in the green. Health Care (XLV) is the laggard, but closely followed by Utilities (XLU) and Energy (XLE).

The Ten-Year Treasury Yield (TNX) is up 6.4 basis points and back above the 4.5% level.