Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7), Nasdaq Composite (-0.9), and DJIA (-0.5%) opened to losses this morning as mega-cap names face considerable pressure. 

Palantir Technologies' (PLTR 192.77, -14.41, -6.95%) price action is at the crux of today's weakness, with the stock moving lower despite crushing earnings estimates and raising guidance. Investors seem to be focused on valuation concerns, which has prompted profit-taking across the broader market. 

Nine S&P 500 sectors move lower, and three of those sectors hold losses wider than 1.0%.

Unsurprisingly, the information technology sector (-1.1%) is among that group, with Palantir Technologies the worst performer in the sector. The bottom of the leaderboard is also dotted with semiconductor names, pushing the PHLX Semiconductor Index 1.3% lower

The energy sector (-1.6%) is the top laggard, moving lower as the price of oil falls $0.43 (-0.7%) to $60.62. Marathon Petroleum (MPC 176.45, -19.34, -9.88%) is a notable laggard after an earnings miss. 

While today's opening move was decidedly lower, the major averages (and a majority of S&P 500 sectors) are off their session lows already, suggesting a buy-the-dip bid may already be taking shape.