Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%) notched a new record high (6,495.44) just after the open, though a reversal in the information technology sector's (-0.5%) early gains now seats the major averages with modest early losses.

Sector strength is mixed in the early going, with five S&P 500 sectors trading at or above their baselines. 

The information technology sector (-0.5%) has seen an early 0.6% gain reversed. NVIDIA (NVDA 177.13, -4.47, -2.46%) trades lower after its earnings report yesterday, which saw the company beat EPS and revenue expectations, though revenue from its data centers was slightly less than expected. The PHLX Semiconductor Index holds a modest 0.2% loss after being up as much as 1.0%.

Broadcom (AVGO 305.79, +5.49, +1.83%) and Micron (MU 119.73, +1.98, +1.68%) still contribute to strength in the semiconductor space, while packaged software names, such as Datadog (DDOG 137.56, +5.83, +4.43%), expand upon yesterday's gains. 

The communication services (+0.2%) sector holds the widest gain so far, underpinned by early strength in its mega-cap components. 

Bloomberg reports that Fed Governor Lisa Cook has filed a lawsuit to challenge President Trump's decision to fire her. 

Just released, pending home sales decreased 0.4% in July (Briefing.com consensus +0.3%), from a prior decrease of 0.8%.