Major indices are mostly in the green, with the Dow Jones and Russell 2000 leading. Investors are holding their breath for the upcoming Nvidia (NVDA) earnings after the bell (more below).

The Magnificent Seven is relatively muted, with the exception of Meta platforms (META) moving lower.

Only two sectors are marginally in the red, Communication Services (XLC) and Utilities (XLU). Meanwhile, Energy (XLE) and oil prices are rebounding from yesterday, moving the sector into the lead.

Recent earnings reactions have seen Nvidia (NVDA) decline, or have more muted gains, despite double beats. This is in part because The Street keeps raising the bar on expectations, making larger beats more difficult.

Notably, last week the Russell 2000 (IWM) saw its highest weekly inflow since Trump won the election. The small cap trade is reigniting, moving the index higher.

Today’s latest auction saw robust interest in its 5-year note offering. In addition, investors showed strong demand, reflected in the bid-to-cover ratio of 2.36.