Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.6%), and DJIA (+0.1%) hold modest gains just before midday. 

Earnings continue to be a key driver of price action, with several sectors' best- or worst-performing names having reported earnings before the open. 

Tesla (TSLA 428.84, -10.13, -2.31%) is the most notable, moving lower after pressured margins saw it miss earnings estimates. 

However, unlike yesterday, mega-caps as a whole are performing relatively well. The Vanguard Mega Cap Growth ETF is up 0.5%. 

Chipmakers have helped the turnaround, with the PHLX Semiconductor Index moving 1.8% higher after Lam Research (LRCX 145.98, +4.74, +3.35%) topped earnings estimates. 

The information technology sector (+0.8%) now holds the second-widest gain today, trailing only the energy sector (+1.4%), which moves higher as oil prices climb after the U.S. sanctioned major Russian oil producers. 

Meanwhile, the small-cap Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.8%) outperform.