Stock Market Update

[BRIEFING.COM] The major averages are mixed just before midday as Oracle's (ORCL 192.33, -30.68, -13.76%) post-earnings slide weighs heavily on tech and mega-cap names while the broader market is still largely enthused by the results of yesterday's FOMC meeting. 

Weakness in tech sends the S&P 500 (-0.4%) and Nasdaq Composite (-1.2%) lower, while the DJIA (+0.9%) has notched an all-time intraday high. 

Notable movers in the DJIA include Visa (V 339.49, +13.76, +4.22%), which received an upgrade to Buy from neutral at Bank of America Securities; Home Depot (HD 360.90, +9.78, +2.78%), which continues to shine after reaffirming its FY outlook; and Walt Disney (DIS 110.26, +1.43, +1.31%), which announced a licensing deal and $1 billion investment in OpenAI. 

NVIDIA (NVDA 177.30, -6.48, -3.53%) is certainly another notable mover, though it is on a downward path. The AI trade has hit a bump in the road after Oracle disappointed with a revenue miss and free cash flow that came in below expectations. 

The top-weighted information technology sector is down 1.8%, the PHLX Semiconductor Index is down 2.6%, and the Vanguard Mega Cap Growth ETF is down 1.1%.

Still, seven S&P 500 sectors trade higher, preventing the major averages from trading lower across the board. Cyclical sectors such as the materials (+2.1%) and financials (+1.3%) sectors are among the outperformers as the market reacts to the Fed's projections of economic growth over the next year, while the defensive health care (+1.2%), consumer staples (+0.8%), and utilities (+0.6%) sectors also see some rotational interest. 

Outside of the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.7%) continue their stretch of outperformance over the past two weeks as smaller-cap stocks react positively to the promise of friendlier monetary policy conditions.