Stock Market Update

[BRIEFING.COM] Today's trade has been relatively lackluster for the major indices. There hasn't been a lot buying interest after yesterday's record finish for the S&P 500 and the overall vibe in the market is negative. The downside bias is driven by normal consolidation activity, but selling interest has been limited and stocks continue to show resilience. 

Ongoing buying in the mega cap space has supported index performance thus far, leading the S&P 500 (+0.1%) and Nasdaq Composite (+0.1%) to trade above prior closing levels at their highs. NVIDIA (NVDA 141.29, +1.89, +1.4%), Apple (AAPL 244.81, +0.34, +0.1%), and Microsoft (MSFT 410.86, +1.22, +0.3%) are standouts from the space.

Gains in semiconductor stocks are another support factor, leading the PHLX Semiconductor Index (SOX) to trade 1.1% higher.

Outsized moves in either direction have mostly been limited to stocks with specific catalysts. Occidental Petroleum (OXY 51.69, +2.85, +5.8%) and Devon Energy (DVN 38.19, +3.31, +9.5%) are winning standouts, contributing to the outperformance of the energy sector (+0.8%) after reporting earnings.

Celanese (CE 53.17, -16.74, -24.0%) shares are weighing down the materials sector (-1.4%) in response to disappointing earnings and Toll Brothers (TOL 113.63, -8.42, -6.9%) shares have weighed down the homebuilder space. 

More talk about potential tariff measures hasn't impacted the equity market much, which has viewed prior remarks about tariffs as more of a bargaining chip than a permanent feature. President Trump said the auto tariff rate will be in the neighborhood of 25% starting April 2, and that he is also considering tariffs for pharmaceuticals and semiconductors.