The S&P 500 and Nasdaq have given up their morning gains and are now marginally in the red. The Russell 2000 is still moving higher, as small caps get a boost, while transport stocks are helping the Dow Jones.

There is also a notable red patch across software stocks. Nvidia (NVDA) is showing dominance, being the only magnificent name in green, and memory names such as Micron (MU), Western Digital (WDC), and Seagate Technology (STX) are showing strong continuation into the new year.

Five sectors are moving higher, with Industrials (XLI) in the lead driven by strong performance from AI and data center stocks. Meanwhile, Consumer Discretionary (XLY) is lagging, in part due to its mega cap components. Amazon (AMZN) is moving lower following a rating downgrade from Invictus, while Tesla (TSLA) is also lagging due to Q4 deliveries coming below expectations.

In other news, the Ten Treasury Year Yield (TNX) is up 2.4 basis points to 4.187%.

On the economic front, the final read on December U.S. Manufacturing PMI came at 51.8, in-line with prior estimates and consensus, and down from 52.2 in November.