Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (flat), and DJIA (+0.5%) sit near session highs just before midday as weakness in the information technology sector (-0.4%) weighs against a backdrop of solid participation in the broader market. 

Microsoft (MSFT 479.62, -10.38, -2.12%) is a notable laggard this morning after The Information reported that the company is lowering software sales quotas. A spokesperson for Microsoft refuted the report to CNBC, and The Information has since changed the headline to "Microsoft is lowering AI software growth targets."

The stock has pared some of its early losses but remains firmly lower amid mixed strength across the mega-caps. 

The Vanguard Mega Cap Growth ETF is down 0.2%, and the S&P 500 Equal Weighted Index (+0.5%) outperforms the market-weighted S&P 500 (+0.2%)

Solid breadth figures denote strength beneath the surface, with advancers outpacing decliners by a roughly 2-to-1 ratio on the NYSE and the Nasdaq. 

Eight S&P 500 sectors hold gains, while the information technology sector (-0.5%) remains the only sector firmly lower, as the utilities (-0.2%), real estate (-0.1%), and communication services (flat) sectors all sit near their flatlines. 

Outside of the S&P 500, the small-cap Russell 2000 (+1.1%) outperforms, while the S&P Mid Cap 400 (+0.4%) holds a more modest gain.