Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.4%), and DJIA (-0.4%) sit mixed just before midday, as some positive developments in the market's largest names prevent index-level losses despite considerable weakness in the broader market. 

Amazon (AMZN 255.42, +11.20, +4.59%) was the subject of this morning's top news item, moving higher after announcing a $38 billion AWS deal with OpenAI. 

NVIDIA (NVDA 208.15, +5.66, +2.80%) also flexes its strength today after The Financial Times reported that the U.S. will allow Microsoft (MSFT 519.24, +1.43, +0.28%) to ship NVIDIA chips to the UAE.

As a result, the Vanguard Mega Cap Growth ETF is up 0.5%, and the market-weighted S&P 500 (+0.1%), while flattish, decidedly outperforms the S&P 500 Equal Weighted Index (-0.7%). 

The consumer discretionary (+1.9%) and information technology (+0.4%) sectors are on the advance, but weak breadth figures keep the other nine S&P 500 sectors in negative territory. Decliners currently outpace advancers by a roughly 2-to-1 ratio on both the NYSE and Nasdaq.

Most sectors are off of their session lows in sympathy with the broader market, though the materials (-1.0%) and real estate (-0.8%) sectors still hold considerable losses. 

Meanwhile, the Russell 2000 (-0.9%) and S&P Mid Cap 400 (-0.5%) also underperform.