Stock Market Update

[BRIEFING.COM] Recent action saw the major averages string together a rebound that has lifted the Nasdaq (+0.4%) into positive territory while the S&P 500 (-0.2%) is on the verge of doing the same.

Nasdaq's outperformance is owed to an extension of the early rally in heavyweight Alphabet (GOOG 174.10, +8.78, +5.3%) and a solid showing from the technology sector (+0.2%), which has turned positive despite limited support from top components Apple (AAPL 206.98, +0.12, +0.1%) and Microsoft (MSFT 456.96, -1.21, -0.3%).

Chip names are contributing to the strength in the tech sector with the PHLX Semiconductor Index (+0.7%) returning into positive territory for the week, masking a plunge in Wolfspeed (WOLF 0.97, -2.15, -68.7%), which follows reports that the company will file for bankruptcy.