Major indices are all moving higher, coming off session lows as technology and mega-cap names rebound, and despite mixed earnings reactions and geopolitical uncertainty.

Precious metals are continuing to recover, while Trump’s new round of sanctions on Russia is causing oil prices to rise.

Tesla (TSLA) has not weighed on the broader mega-cap group today, which is rebounding nicely from yesterday’s retreat.

This earning season the reaction has been mixed, with companies that beat EPS underperforming the S&P 500 by 0.35% after reporting results.

Energy (XLE) is in the lead today, propelled by the move in oil. Meanwhile, semiconductors are boosting Technology (XLK) into the next best performing sector. Both Materials (XLB) and Industrials (XLI) are also outperforming and led higher by favorable earnings of Dow (DOW) and Honeywell (HON), respectively.

On the flip side, the defensive sectors of Consumer Staples (XLP) and Real Estate (XLRE) are lagging.

Economic Data

September existing homes sales rose 1.5% M/M to an annualized rate of 4.06M, but slightly below estimates of 4.1M.

All eyes on the CPI report, tomorrow. In addition, Trump will be making an announcement at 3:00 pm ET, the topic is still unknown, but rumored to be related to cartels.