Stock Market Update

[BRIEFING.COM] The stock market is hovering near its opening highs after an hour of trading with the S&P 500 up 0.3%.

The financials sector (+0.6%) continues to lead the advance, while the top-weighted technology sector (+0.4%) slightly outpaces the market, due in part to Oracle (ORCL 222.01, +11.77, +5.60%) reaching a new all-time high. The strong performance is attributed to the company stating in an 8-K filing that CEO Safra Catz plans to meet with other Oracle colleagues later today and provide some positive commentary, while an upgrade from Stifel is providing additional support. 

Chipmakers are struggling to keep pace with the sector, as the PHLX Semiconductor Index (-0.1%) trims its Q2 gain to 29.7% versus a 22.7% advance in the broader sector and a 10.3% increase in the S&P 500.