Stock Market Update

[BRIEFING.COM] The major averages now trade in a tight range near session lows as midday approaches. 

The information technology sector (-2.1%) has widened its losses for the day as it faces increasing pressure in its chipmaker components. The PHLX Semiconductor Index is down 2.6%, moving past its 50-day moving average toward its August low. 

NVIDIA (NVDA 167.85, -6.33, -3.64%) is plotting new session lows, while the sector's non-semiconductor mega-cap constituents Apple (AAPL 228.03, -4.11, -1.77%) and Microsoft (MSFT 501.24, -5.45, -1.07%) face more modest losses. 

Corning (GLW 67.94, +0.91, +1.36%) is one of the few bright spots in the sector, benefitting from an upgrade to Buy from Neutral at UBS with a target of $84.