Stock Market Update

[BRIEFING.COM] There's not a lot of conviction from either buyers or sellers thus far. The Dow Jones Industrial Average trades slightly above or slightly below its prior close, the S&P 500 trades 0.3% lower, and the Nasdaq Composite sports a 0.4% decline.

The market is holding up well after Israel said it would retaliate against Iran. There's a negative bias under the index surface, but modestly so. Decliners lead advancers by an 11-to-10 margin at the NYSE and by a 4-to-3 margin at the Nasdaq.

Relative strength in the semiconductor space has helped limit downside moves for the major indices. The PHLX Semiconductor Index (SOX) shows a 1.2% gain and the S&P 500 information technology sector (+0.2%) trades slightly higher.

The consumer discretionary sector is the worst performer so far, trading 1.2% lower. NIKE (NKE 82.03, -7.12, -8.0%), which reported fiscal Q1 results and withdrew its FY25 guidance, and Tesla (TSLA 244.02, -13.85, -5.4%), which reported Q3 delivery numbers, are influential losers in the sector.