Stock Market Update

[BRIEFING.COM] The market moved mostly sideways at the index level in recent action. The Nasdaq Composite continues to underperform its peers, showing a 1.6% loss.

Activity in the mega cap space has an outsized impact on index performance. The equal-weighted S&P 500 sports a 0.5% decline versus a 0.9% loss in the market-cap weighted index. Apple (AAPL 224.99, -8.01, -3.4%) is a top loser from the space after Barclays suggested iPhone 16 demand is sluggish.

The loss in Apple, along with Microsoft (MSFT 421.73, -8.57, -2.0%) and NVIDIA (NVDA 117.33, -4.07, -3.4%), has weighed on the S&P 500 information technology sector (-2.6%). It's the worst performing sector by a wide margin.