Major indices are all moving lower today, but edging off session lows. The S&P 500 is on track to finish the week lower, with only four sectors moving higher today, with the defensive sector of Consumer Staples (XLP) in the lead. Meanwhile, Technology (XLK) and Communication Services (XLC) are lagging.

Mega Cap and AI names are predominantly moving lower, led by Broadcom (AVGO), after the company reported earnings that indicated pressure on margins.

Additionally, Oracle (ORCL) pushed back completion dates for some data centers it is developing for OpenAI to 2028 from 2027.

Marijuana stocks are getting a boost on rumors the Trump administration is rescheduling the drug to Schedule 3 from Schedule 1. However, later reports from White House officials indicated no final decision has been made. Despite this, marijuana stocks are still trading higher as SCOTUS will also decide on whether they hear Canna Provisions Inc. v. Bondi challenging the federal prohibition. The decision is expected on Monday.

In other news, the Ten-Year Treasury Yield (TNX) is rebounding, up 5.3 basis points to 4.194%.