Stock Market Update

[BRIEFING.COM] The major averages opened on the defensive following last week's record high levels, with the S&P 500 (-0.1%) and DJIA (-0.4%) holding modest losses while the Nasdaq Composite has reclaimed its flatline.

Only the information technology (+0.1%) and consumer discretionary (+0.1%) sectors hold slight gains in the early going. While losses are broad-based, they are also modest, as only the energy sector (-0.6%) retreats more than 0.5%.

The information technology sector's gain is supported by Apple's (AAPL 250.49, +4.99, +2.03%) continued strength after the iPhone 17 release and relative strength among chipmakers that has the PHLX Semiconductor index up 0.7%.

Meanwhile, Tesla's (TSLA 440.45, +14.38, +3.37%) strong start underpins the slight advance in the consumer discretionary sector.