The broadband sector is up sharply this afternoon, topping the list of the best performing sectors today. This rally comes on news that Qualcomm (QCOM) and Nokia (NOK) have settled a long-running patent and royalties dispute. At last check, the shares of Qualcomm were up nearly 16% on the positive news. In addition, Qualcomm announced third-quarter earnings that matched the consensus estimate.

Also in positive territory, the pharmaceutical sector has received a boost this afternoon on positive earnings news from Eli Lilly (LLY). The pharmaceutical company announced that "Our newer products, including Cymbalta, Cialis and Alimta, continued to perform exceptionally well, while our diabetes care franchise has made good progress." Excluding items, earnings were 99 cents per share, matching the consensus average estimate release by FactSet Research.

However, the steel sector is suffering following AK Steel's (AKS) announcement on Tuesday that it expects its third-quarter shipments will decline from second-quarter levels while raw material and energy costs are due to increase in the period.