Major indices are mostly moving lower in this afternoon, as investors react to the latest slew of earnings.

Magnificent Seven names are mostly moving lower. Tesla (TSLA) is the laggard after a sharp decline in new vehicle registrations in several European markets.

Six sectors are moving higher, with Energy (XLE) is in the lead. The sector is benefiting from oil prices getting an intraday boost on reports that Iranian negotiations slated for Friday have been canceled. Healthcare (XLV) is also getting a notable boost from several favorable earnings reactions, including Amgen (AMGN) and Eli Lilly and Company (LLY).

On the other hand, Technology (XLK) is the laggard, with semiconductor names leading the sector lower following an adverse reaction Advanced Micro Devices (AMD) earnings. Communication Services (XLC) is also lagging, with Applovin (APP) contributing to the decline after the launch of an AI powered competitor, CloudX.

In other news, President Trump touted a productive phone call, and a possible meeting in April, with President Xi where many issues were covered.

ISM Service PMI for January was flat at 53.8, beating forecasts of 53.5. Business activity picked up to 57.4 from 55.2, while new orders decelerated to 53.1 from 56.5 and employment eased to 50.3 from 51.7. Meanwhile, price pressures increased to 66.6 from 65.1.