Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%) and Nasdaq Composite (+0.7%) are higher, boosted by ongoing buying activity in the mega cap space. Meanwhile, the Dow Jones Industrial Average (-0.5%) and Russell 2000 (-0.2%) sport declines driven by normal consolidation efforts after a big run in many stocks. The volume at the NYSE is very light to this point in the session. 

Broadcom (AVGO 1714.39, +219.34, +14.7%) is up big after better-than-expected earnings report and outlook, and announcement of 10-for-1 stock split. Other mega cap stocks and AI-related names are higher in sympathy. NVIDIA (NVDA 128.58, +3.36, +2.7%) is an influential winner in that respect. 

This price action is also boosting the PHLX Semiconductor Index (SOX), which trades up 1.1%. 

Seven of the 11 S&P 500 sectors are lower led by industrials (-1.0%) and energy (-1.0%). The information technology sector (+1.4%), which comprises 32% of the index, has provided a nice boost to index performance. It is the best performing sector followed by consumer discretionary (+0.6%).

Treasury yields are moving off their post-data lows. The 10-yr note yield dropped to 4.25% after the May Producer Price Index and weekly jobless claims report both went the market's way and corroborated rate cut optimism, but it sits at 4.28% now. The 2-yr note yield hit 4.67% after the data, but sits at 4.72%.