Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.1%), and DJIA (+0.1%) sit flattish just before midday. The Russell 2000 (-0.4%) and S&P Mid Cap 400 (-0.2%) are underperforming. 

Strength in the broader market is mixed, with five S&P 500 sectors currently trading higher. Gains and losses are both relatively narrow, with all eleven sectors trading within 0.5% of their baselines, underscoring a subdued disposition ahead of this afternoon's FOMC decision and the several mega-cap earnings releases after the close.  The Vanguard Mega Cap Growth ETF (-0.2%) is down modestly after three consecutive sessions of solid gains. 

Like most sessions this week, reaction to earnings has been the driver of several notable stock-specific moves today. 

Seagate Tech (STX 448.01, +76.25, +20.51%) is the top beneficiary, rising sharply higher after beating Q2 expectations and issuing above-consensus guidance for Q3. TD Cowen raised its target for the stock to $500 from $340. Other memory storage names such as Micron (MU 431.04, +20.80, +5.07%) and Western Digital (WDC 278.98, +26.32, +10.42%) also trend higher, helping the PHLX Semiconductor Index (+1.8%) and broader information technology sector (+0.5%) trade higher. 

Elsewhere, Starbucks (SBUX 97.80, +2.08, +2.17%), Texas Instruments (TXN 212.43, +15.80, +8.04%), and AT&T (T 24.18, +1.18, +5.11%) are among some of the higher-profile names that trade higher after earnings, while Amphenol (APH 147.86, -18.39, -11.06%) and Textron (TXT 86.30, -7.92, -8.41%) move sharply lower.