The major indices are trading off the morning highs and are now in the red, with the exception of the Nasdaq, which is still in the green.

The Nasdaq’s outperformance can be attributed to strength in semiconductors and the Magnificent Seven. Nvidia (NVDA) sparked the move higher on news it may resume H20 GPU shipments to China.

The only sector in the green is Technology (XLK), led higher by Nvidia and semiconductors. On the flip side, Materials (XLB) is the worst performer and being led lower by Newmont Corporation (NEM) following the resignation of their CFO.

Despite Materials underperforming, rare earth stocks in the sector are getting a boost following a deal between Apple (AAPL) and MP Materials (MP) to purchase U.S.-made rare earth magnets.

Bank stocks are moving lower overall, following earnings releases this morning from JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C), and The Bank of New York Mellon (BK).

Despite all bank reports beating on EPS and revenue, Wells Fargo lowered their net interest income guidance and JPMorgan Chase also missed estimates on their net interest income, which contributed to the decline in the niche.