All major indices are moving lower following this morning’s inflation data and a bump in oil prices.

Four sectors are moving higher, with defensive sectors such as HealthCare (XLV) and Consumer Staples (XLP) in the lead, followed by Energy (XLE) which is getting a boost from oil. Notably, nicotine-related names are giving a boost to Consumer Staples (XLP) after new FDA guidance aims to ease enforcement and restrictions on certain nicotine products. Technology (XLK) is the laggard seeing profit taking action in semiconductor and hardware names, while software sees moderate weakness.

 Alphabet (GOOG/L) is reportedly in talks with SpaceX to explore orbital data centers.

In other news, Trump’s Fed Chair nominee, Kevin Warsh, was confirmed by the Senate to the Fed Board of Governors, with the Chairmanship confirmation vote expected later this week.