Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.7%), and DJIA (+0.5%) hold modest gains shortly after midday as stocks rebound from a late-morning slide that wiped out the bulk of this morning's gains.

Strength in the information technology sector (+1.1%) has underpinned the index-level advance, with the sector recovering nicely after its early gain of nearly 1.5% was whittled down to just 0.3%. 

Intel (INTC 42.94, +2.93, +7.32%) is the sector's top mover, contributing to a day of relative strength across chipmaker names that has the PHLX Semiconductor Index up 1.7%. 

NVIDIA (NVDA 182.22, +2.30, +1.28%) is also among the chipmakers that trade higher and is a standout among mega-cap names for the second consecutive day this week. Microsoft (MSFT 492.45, +5.71, +1.17%) and Apple (AAPL 286.01, +2.91, +1.03%) were also able to maintain gains despite the late-morning slide. 

Mega-cap strength has been crucial to today's gains, as the market-weighted S&P (+0.3%) comfortably outpaces the S&P 500 Equal Weighted Index (-0.1%). The Vanguard Mega Cap Growth ETF is up 0.7%, though it previously held a gain wider than 1.0%. 

While stocks are still recovering from session lows, improvements in Alphabet (GOOG 315.90, +0.78, +0.25%) and Amazon (AMZN 236.10, +2.22, +0.95%) help push the communication services (+0.1%) and consumer discretionary (flat) sectors back to their flatlines. 

Meanwhile, Tesla (TSLA 425.23, -4.91, -1.14%) is a laggard, with Michael Burry publicly questioning the company's valuation and commenting that its stock-based compensation practices dilute the stock's value to its shareholders. 

Outside of the mega-cap space, the industrials sector (+0.7%) holds a solid gain as Boeing (BA 203.43, +16.97, +9.10%) is the best-performing S&P 500 name today. The company stated at a conference today that it expects low single-digit free cash flow in 2026 and expects increased deliveries for both its 737 and 787 models. 

The financials sector (+0.3%) also trades modestly higher, with Coinbase Global (COIN 270.34, +10.50, +4.04%) and Robinhood Markets (HOOD 128.24, +5.00, +4.06%) leading the advance as Bitcoin rebounds after yesterday's sharp sell-off. Bitcoin is currently 6.2% and has reclaimed the $91,000 mark. 

Six S&P 500 sectors hold losses at this juncture, with the energy sector (-1.2%) retreating the furthest as the price of oil slips $0.38 (-0.6%) to $58.94 per barrel.

The defensive consumer staples (-0.9%), utilities (-0.6%), and health care (-0.4%) sectors are all lower today amid solid tech leadership. 

On the earnings front, MongoDB (MDB 404.86, +75.99, +23.11%) and Credo Technology Group (CRDO 195.54, +24.42, +14.27%) both trade sharply higher after beat-and-raise earnings reports. While not components of the S&P 500, the gains add to positive sentiment around tech and AI names, which have experienced some choppiness in recent weeks. 

Investors did not receive any economic data this morning.