Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.9%), and DJIA (+0.1%) are mixed this morning as tech names give back the bulk of yesterday's gain amid heavy weakness across AI names. 

NVIDIA (NVDA 172.52, -10.02, -5.49%) is sharply lower following a report from The Wall Street Journal that Alphabet (GOOG 325.91, +7.44, +2.34%) is increasing its efforts to compete in the AI chip space, and Meta Platforms (META 627.29, +14.24, +2.32%) is interested in using Alphabet's chips. 

The communication services sector (+1.7%) is up as a result, while the information technology sector (-2.2%) lags. 

Advanced Micro Devices (AMD 196.81, -18.24, -8.48%) faces the widest loss in the sector, contributing to an early 2.7% slide in the PHLX Semiconductor Index. 

Meanwhile, today's more risk-off posturing has culminated in another solid start for the health care sector (+1.3%), which has been the top beneficiary of recent weakness in the AI trade. 

Seven total S&P 500 sectors currently hold gains, which reflects more of a rotation out of AI names as opposed to a broad-based retreat. 

The Conference Board's Consumer Confidence Index slipped to 88.7 in November (Briefing.com consensus 93.3) from a previous reading of 94.6 in October.

October Pending Home Sales increased 1.9% (Briefing.com consensus 0.0%) from an upwardly revised 0.1% increase in September (from 0.0%).