Stock Market Update

[BRIEFING.COM] The stock market opened to mixed action at the index level on below-average volume. The lack of participation follows last week's solid gains in response to Fed Chair Powell's messaging, and is in front of NVIDIA's (NVDA 129.81, -0.55, -0.4%) earnings report after Wednesday's close. 

Mega cap stocks and semiconductor shares are underperforming the major indices in sympathy with NVDA. The PHLX Semiconductor Index (SOX) shows a 1.1% decline and the Vanguard Mega Cap Growth ETF (MGK) trades 0.2% lower.

This price action has the information technology (-0.5%), communication services (-0.03%), and consumer discretionary (-0.04%) sectors, which house mega cap constituents, trading lower. The remaining eight S&P 500 sectors are trading higher. 

The energy sector shows the largest gain, up 1.3%, amid rising oil prices ($77.56/bbl, +2.73, +3.7%).