Stock Market Update

[BRIEFING.COM] The major averages are mixed early this afternoon as mega-cap tech names have seen some profit-taking following yesterday's rally, while the broader market shows increasing strength as the session progresses. 

Weakness in the mega-caps has kept the Nasdaq Composite (-0.3%) pinned beneath its baseline, while the S&P 500 (+0.2%) has surfaced above its flatline as sector strength now favors the advancers after a nearly even split this morning. The DJIA (+1.1%) outperforms, steadily widening its gain. 

Losses are particularly concentrated in the information technology sector (-1.0%), which is the only sector that still holds a loss wider than 0.2%. NVIDIA (NVDA 193.46, -5.58, -2.81%) is a laggard among the mega-cap cohort, moving lower after Softbank (SFTBY 73.42, +1.02, +1.40%) disclosed it sold its stake in the company for $5.8 billion. Other chipmaker names are generally weaker as well, sending the PHLX Semiconductor Index 1.9% lower. 

CoreWeave (CRWV 91.01, -14.60, -13.82%) adds to the dampened sentiment around the AI trade today. The company delivered a solid Q3 earnings beat but trimmed its FY25 revenue expectations. 

Meanwhile, Apple (AAPL 273.52, +4.09, +1.52%) is a standout among the mega-caps and tech names, trading higher as President Trump said the U.S. is nearing a trade deal with India, which is one of the largest manufacturers of the iPhone. 

The consumer discretionary (-0.2%) and communication services (-0.1%) sectors, which face pressure in their mega-cap names, remain just slightly below their flatlines as the majority of their other components trade higher. 

Meanwhile, gains are swelling across the seven advancing S&P 500 sectors. 

The health care sector (+2.0%) posts an impressive gain, with strength nearly ubiquitous across the sector. Eli Lilly (LLY 995.64, +29.00, +3.00%), the sector's largest component, expands upon a 4.7% advance yesterday, while Amgen (AMGN 334.70, +11.04, +3.41%) and Johnson & Johnson (JNJ 192.51, +4.10, +2.18%) contribute to the outperformance of the DJIA. 

The energy (+1.7%), consumer staples (+1.1%), and materials (+1.0%) sectors also hold gains of 1.0% or wider. 

Investors did not receive any economic data of note this morning, and macro headlines are notably quiet on this Veteran's Day. 

The Senate passed a bill to fund the government through January 30, with a House vote expected on Wednesday. 

With a lack of directional drivers in play, it is encouraging to see the market keep up yesterday's trend of solid breadth, despite a pullback in some of the market's weightiest names. While the mega-caps are unsurprisingly seeing some profit-taking, the losses are generally slimmer than yesterday's gains and further narrowing as the afternoon progresses. 

Reviewing today's data:

• October NFIB Small Business Optimism 98.2 (Briefing.com consensus 98.3); Prior 98.8