Stock Market Update

[BRIEFING.COM] The S&P 500 is up 0.2% while the Nasdaq outperforms in the early going, up 0.6%.

Only two sectors opened in the green with information technology (+1.0%) and communication services (+0.6%) leading the way. Mega-cap tech stocks such as NVIDIA (NVDA 150.86, +2.96, +2.00%) and Alphabet (GOOG 170.56, +2.82, +1.68%) are keeping the S&P 500 in positive territory in the early going.

The market will hear from Fed Chair Powell again today as part of his semiannual two-day testimony on monetary policy before congress.

Just reported, May new homes sales came in at 623k (Briefing.com consensus 700k) down from an a revised 722k (from 743k) in April.