Stock Market Update

[BRIEFING.COM] Today's trade has been lackluster thus far. Market participants aren't rushing to buy after yesterday's record finish for the major indices, but they aren't rushing to sell either. 

Losses in chipmakers and mega caps, which have led market gains this week, are weighing down the broader equity market. The PHLX Semiconductor Index (SOX) shows a 1.0% decline. NVIDIA (NVDA 144.96, -0.17, -0.1%), Microsoft (MSFT 437.20, -0.13, -0.03%), Meta Platforms (META 612.93, -0.85, -0.1%), and Broadcom (AVGO 170.03, -0.48, -0.3%) are influential laggards in that regard. 

S&P 500 sector performance has been mixed. The consumer discretionary sector leads the pack, up 0.9%, while the materials sector shows the largest decline, down 1.0%.

Rising market rates are another limiting factor for stocks. The 10-yr yield is up three basis points to 4.21% and the 2-yr yield is up five basis points to 4.17%.