Stock Market Update

[BRIEFING.COM] The S&P 500 briefly moved above its 50-day moving average (5,962), trading 0.1% higher now.

Chipmakers have outperformed the broader equity market, boosting index performance. The PHLX Semiconductor Index (SOX) trades 1.6% higher following pleasing earnings results from TSMC (TSM 218.00, +11.14, +5.4%). 

NVIDIA (NVDA 135.15, -1.07, -0.8%) is a noticeable exception, trading lower due to profit taking after a huge gain last year. This price action has weighed down the S&P 500 information technology sector (-0.3%), along with a decline in Apple (AAPL 230.70, -7.16, -3.0%). Microsoft (MSFT 427.28, +0.92, +0.2%) trades up, but that hasn't been enough to offset losses in AAPL and NVDA.