Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%) and Nasdaq Composite (+0.6%) jumped out to early gains as tech and mega-cap names rebounded from recent weakness, though the major averages are well off of session highs as weakness in the broader market pushes the DJIA (-0.2%) below its flat line. 

Only four S&P 500 sectors currently hold gains, but those of the communication services (+1.7%) and information technology (+0.9%) sectors are wide enough to promote growth at the index level. 

Alphabet (GOOG 298.24, +13.28, +4.66%) traded to a new record high this morning, while chipmakers advance ahead of NVIDIA's (NVDA 185.89, +4.53, +2.50%) earnings report after the close. 

Broadcom (AVGO 351.09, +10.59, +3.11%) and Lam Research (LRCX 148.46, +5.22, +3.64%) are standouts that contribute to a 1.6% gain in the PHLX Semiconductor Index. 

Weakness in the broader market has recently pushed breadth figures into slightly negative territory after a morning of relative strength. 

The energy sector (-1.7%) holds the widest loss, as the price of oil has decreased $1.38 (-2.3%) to $59.29. 

Meanwhile, the consumer staples (-0.9%) and real estate (-0.7%) sectors see some profit-taking after modest gains yesterday. 

Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.1%) hold modest gains.