Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-1.4%), and DJIA (+0.4%) are mixed this morning as weakness in tech names following a revenue miss from Oracle (ORCL 192.32, -30.97, -13.87%) weighs against relative strength in the broader market following yesterday's FOMC meeting. 

The information technology sector's early loss (-2.3%) now seats it in negative territory for the week. NVIDIA (NVDA 177.35, -6.43, -3.50%), Apple (AAPL 274.80, -3.98, -1.43%), and Broadcom (AVGO 397.63, -15.34, -3.71%), which reports its earnings after the close, are among the mega-cap names moving lower as Oracle's disappointing earnings report reignites concerns about the state of the AI trade. 

Alphabet (GOOG 315.90, -5.10, -1.59%) contributes to the early mega-cap weakness, keeping the communication services sector (-0.7%) seated with a loss. The Vanguard Mega Cap Growth ETF is down 1.3% in the early going. 

Meanwhile, the broader market is mostly higher, with seven S&P 500 sectors holding early gains. Several cyclical sectors, such as the materials (+1.4%) and financials (+0.9%) sectors, are outperforming as investors rotate into areas that typically benefit from a more supportive policy backdrop following the FOMC's rate cut yesterday.

Dow Component Visa (V 335.44, +9.71, +2.98%) is an early standout after the stock was upgraded to Buy from Neutral at Bank of America Securities, with a target price of $382.

The defensive health care (+0.6%), utilities (+0.5%), and consumer staples (+0.4%) are also off to solid starts amid weakness in tech names. 

Just released, wholesale inventories increased 0.5% in September (Briefing.com consensus -0.2%) from a prior decrease of 0.1%.