Stock Market Update

[BRIEFING.COM] The stock market's modest early gains sent the S&P 500 (-0.3%) and Nasdaq Composite (-0.4%) to fresh record high levels before pulling back. 

The DJIA (-0.2%) holds a similar loss, while the small-cap Russell 2000 (-0.4%) and S&P Mid Cap 400 (-0.7%) underperform. 

Decliners now outpace advancers by a nearly 2-to-1 margin on the NYSE and a roughly 3-to-2 clip on the Nasdaq. 

The information technology sector (-0.3%) has seen a sharp reversal from earlier highs following a report from The Information that suggests Oracle (ORCL 277.83, -13.76, -4.72%) will face challenges renting out NVIDIA (NVDA 186.19, +0.65, +0.35%) chips. 

Weakness in the chipmaker space has the PHLX Semiconductor Index down 1.0% after a healthy early gain. 

Mega-cap names are also putting pressure on the major averages, as the Vanguard Mega Cap Growth ETF slumps 0.4%.