Major indices are mostly moving higher, with the S&P 500 and Nasdaq hitting fresh record highs intraday. The exception is the Dow Jones, moving marginally in the red.

The magnificent seven and Technology (XLK) are mostly moving higher and are fueling the S&P 500 and Nasdaq gains. This comes following a compelling report from Intel (INTC) yesterday after the close.

While the move in Technology is mainly due to strength in semiconductor names, software names are also in the green overall today. Meanwhile, Consumer Discretionary (XLY) is the runner up and getting a boost from its magnificent seven components as well as travel service names, which are getting a boost from developments on the Iranian peace negotiations.

On the flip side, Healthcare (XLV) is the laggard, with Eli Lilly and Company (LLY) leading the sector lower over fears of the company losing weight-loss market share to Novo Nordisk (NVO). Energy (XLE) is also lagging as oil prices move lower due to the aforementioned Iranian peace negotiations.

The AI megatrend continues, with Alphabet (GOOG/L) announcing plans to invest up to $40B in Anthropic, including an initial $10 billion cash commitment, with another $30 billion tied to performance targets. This follows the investment announcement earlier this week from Amazon (AMZN), which announced an additional $5B investment in Anthropic immediately, with up to $20B more tied to commercial milestones.

In other news, the Department of Justice announced it dropped the criminal investigation into Fed Chair Jerome Powell, which could speed up the confirmation of Trump’s replacement nominee Kevin Warsh.

Michigan Consumer Sentiment for April was revised up to 49.8 from the initial 47.6. Current conditions were revised higher to 52.5 from 50.1, while expectations were also revised higher to 48.1 from 46.1.

Have a great weekend!