Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%) now trades just above its flatline, while the Nasdaq Composite (+0.5%) and DJIA (-0.6%) also plot new session lows as early gains across mega-cap names are steadily eroded. 

Alphabet (GOOG 228.96, +16.96, +8.00%), and by virtue, the communication services sector (+3.1%), still hold the bulk of their early advance, but the information technology (+0.2%) and consumer discretionary (+0.2%) sectors have seen their gains substantially narrowed. 

Within the technology sector, chipmakers are a relative weakness, as the PHLX Semiconductor Index is down 0.9% today. NVIDIA (NVDA 169.41, -1.37, -0.80%) trades lower for consecutive days this week, moving further below its 50-day moving average (171.56).

As for the consumer discretionary sector, Tesla (TSLA 336.04, +6.68, +2.03%) has seen nearly half of its early gain taken off the table, while Amazon (AMZN 224.58, -0.76, -0.34%) moves below its baseline.