Stock Market Update

[BRIEFING.COM] The stock market opened to a bumpy start to 2026, with the S&P 500 (-0.1%) and Nasdaq Composite (-0.2%) giving up solid opening gains as mega-cap and tech names have sharply reversed from an early rally. Strength in the broader market tilts positive, seating the DJIA (+0.2%) with a modest gain. 

The top-weighted information technology sector now sits flat after surging almost 2.0% higher this morning.  Microsoft (MSFT 473.68, -9.94, -2.06%) and Apple (AAPL 270.17, -1.69, -0.62%) are among the mega-cap laggards, though strength in chipmaker names prevents a loss. The PHLX Semiconductor Index is up 3.4%, with solid leadership from NVIDIA (NVDA 189.70, +3.20, +1.71%), while Micron (MU 307.88, +22.47, +7.87%) and Intel (INTC 39.31, +2.41, +6.52%) outperform. 

The communication services sector (-0.5%) also held a gain wider than 1.0%, but has since moved lower as Meta Platforms (META 651.37, -8.72, -1.32%) slips. 

Tesla (TSLA 441.17, -8.55, -1.90%) is the laggard across the "magnificent seven" names, moving lower after its Q4 production and deliveries report, which showed a 15.7% year-over-year drop in deliveries to 418,000 vehicles. The consumer discretionary sector (-1.0%) holds the widest loss, and the Vanguard Mega Cap Growth ETF is now down 0.5%. 

Meanwhile, five S&P 500 sectors trade higher, helping to mitigate losses at the index level. 

The energy sector (+1.5%) holds the widest gain despite a falling price of oil. 

The industrials sector (+1.4%) is up similarly, supported by strength in engineering and construction stocks, including Comfort Systems (FIX 996.14, +62.84, +6.73%) and Caterpillar (CAT 594.93, +22.06, +3.85%). 

Aerospace and defense stocks add support, with the SPDR S&P Aerospace & Defense ETF (XAR 247.14, +5.90, +2.45%) holding a solid gain. 

Outside of the S&P 500, the Russell 2000 (+0.7%) and S&P Mid Cap 400 (+1.0%) have also faced some choppiness but have defended their gains better than their larger-cap counterparts. 

Reviewing today's data:

• December S&P Global U.S. Manufacturing PMI - Final 51.8; Prior 51.8