Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.1%), and DJIA (+0.1%) trade near their flatlines shortly after the open amid mixed sector and mega-cap performance. 

Six S&P 500 sectors hold gains, led by the energy sector (+1.4%) as oil prices continue to climb, while the consumer discretionary sector (+0.6%)  benefits from what little mega-cap strength is around today. 

The information technology sector (-0.3%) continues to face pressure, stifling gains at the index level. Micron's (MU 162.92, -3.49, -2.10%) imprssive earning report has not particularly moved investors or benefited its peers, as the PHLX Semiconductor Index (-0.4%) faces an early loss.

So far the market has not yet seen a concentrated "buy the dip" effort across its largest names, as the Vanguard Mega Cap Growth ETF (-0.1%) faces a slight loss.

Just released, new home sales increased 20.5% month-over-month in August to a seasonally adjusted annual rate of 800,000 units (Briefing.com consensus 650,000) from an upwardly revised 664,000 (from 652,000) in July.