Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.2%), and DJIA (+0.4%) sit mixed just before midday following a relatively volatile morning for stocks. 

THe current standing of the major averages is a stark contrast from earlier levels, which saw the S&P 500 advance more than 0.5%, the Nasdaq Composite advance more than 1.0%, and the DJIA hold a modest loss. 

Mega-cap and tech names surged out of the gate but have since reversed course, with losses across Tesla (TSLA 444.12, -5.60, -1.25%), Amazon (AMZN 226.16, -4.66, -2.02%), and Alphabet (GOOG 311.10, -2.70, -0.86%) pushing the communication services (-1.2%) and consumer discretionary (-1.0%) sectors to the bottom of the leaderboard. 

The information technology sector (+0.2%) has also fallen considerably from a 1.7% gain, but strength across chipmaker components keeps it in positive territory. The PHLX Semiconductor Index is up a solid 3.6%. 

Sector strength is a nearly even split, with six S&P 500 sectors trading higher. The industrials sector (+1.5%) holds the widest gain, supported by strong gains in its construction and engineering names, including a solid gain from the Dow component Caterpillar (CAT 592.69, +19.82, +3.46%). 

Outside of the S&P 500, the small-cap Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.8%) are outperforming.