Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.2%), Nasdaq Composite (-1.9%), and DJIA (-0.5%) are firmly lower just before midday as an early slide in tech names has expanded into a broader retreat. 

The information technology sector (-2.7%) faced early pressure as shares of Broadcom (AVGO 361.83, -44.54, -10.96%) traded sharply lower in reaction to the company's earnings report. That report was largely devoid of any flaws that would warrant a double-digit retreat, but a sharp rally in the stock this year left investors looking for a more aggressive growth outlook. 

A double-digit slide in Oracle (ORCL 187.85, -11.00, -5.53%) just yesterday in reaction to its own earnings report set an ominous tone for the AI trade today. The PHLX Semiconductor Index is down 4.8%.

Several cyclical sectors traded higher at the open but have since retreated, leaving just the defensive health care (+0.4%) and consumer staples (+0.3%) sectors in positive territory. 

Outside of the S&P 500, the small-cap Russell 2000 (-1.2%) and S&P Mid Cap 400 (-1.3%) trade lower in accordance with the broader market.