Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.0%), Nasdaq Composite (-1.6%), and DJIA (-1.0%) opened to losses as mega-cap names once again came under pressure this morning. 

The information technology sector (-2.0%), and in particular its chipmaker components, face outsized losses as momentum continues to stall in the AI trade. NVIDIA (NVDA 181.63, -4.97, -2.66%) and Advanced Micro Devices (AMD 230.03, -10.49, -4.36%) are among the names that push the PHLX Semiconductor Index 2.9% lower. 

Elsewhere in the sector, Microsoft (MSFT 496.04, -11.45, -2.26%) lags after being downgraded to Neutral from Buy at Rothschild & Co Redburn, with a target of $500. 

The firm also downgraded Amazon (AMZN 227.45, -5.42, -2.33%) to Neutral from Buy with a target of $250, which weighs on the consumer discretionary sector (-2.4%). 

Losses in mega-cap names also push the communication services sector (-0.8%) lower. The Vanguard Mega Cap Growth ETF is down 1.8% in the early going. 

Meanwhile, the defensive consumer staples (+0.5%) and health care (+0.1%) sectors move higher, while several other sectors oscillate around their flat lines.

The health care sector is facing losses in its managed care names after President Trump said via Truth Social "The only healthcare I will support or approve is sending the money directly back to the people, with nothing going to the big, fat, rich insurance companies, who have made trillions, and ripped off America long enough."

Just released, the November NAHB Housing Market Index registered at 38 for November (Briefing.com consensus 36) from a prior reading of 37.

August Factory Orders increased 1.4% from a prior decrease of 1.3%.