Stock Market Update

[BRIEFING.COM] The stock market opened mostly higher. The S&P 500 (+1.2%) and Nasdaq Composite (+2.1%) trade up nicely, boosted by mega caps and semiconductor stocks. The PHLX Semiconductor Index sports a 5.1% increase after AMD (AMD 150.38, +11.82, +8.5%) reported quarterly results.

NVIDIA (NVDA 114.66, +10.95, +10.5%) is up sharply in sympathy. Semiconductor shares are also responding to talk that some foreign companies could be exempt from the export restrictions to China. 

Microsoft (MSFT 418.49, -4.43, -1.1%) is an exception in the mega cap space after reporting earnings. Still, the Vanguard Mega Cap Growth ETF (MGK) shows a 2.2% gain.

The price-weighted Dow Jones Industrial Average trades slightly lower due in part to weakness in its heaviest component, UnitedHealth (UNH 566.99, -9.33, -1.6%).

In economic news, the Chicago PMI dropped to 45.3 in July from 47.4 in June. Pending home sales rose 4.8% in June (Briefing.com consensus +1.5%) following a 1.9% decline in May (from -2.1%).