Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.5%), and DJIA (+0.2%) sit modestly higher as the market sees a slight flip from yesterday's trends shortly after the open. 

Defensive stocks are outperforming this morning, with strong leadership coming from the health care sector (+1.7%). Pharmaceutical and biotech names such as Moderna (MRNA 34.30, +2.13, +6.62%) are among the outperformers, pushing the iShares Nasdaq Biotech ETF (IBB 170.42, +3.08, +1.84%) higher. 

The information technology sector (+0.7%) is also higher after closing with a modest loss yesterday. Semiconductors continue to surge in the new year, with the PHLX Semiconductor Index up another 2.4% today.  Sandisk (SNDK 327.60, +53.52, +19.53%) is the best-performing S&P 500 name by a considerable margin, while Microchip (MCHP 71.92, +4.86, +7.25%) also holds a nice gain after guiding Q3 revenues above consensus. 

Meanwhile, several cyclical sectors that outperformed yesterday, including the energy (-1.0%), consumer discretionary (-0.2%), and industrials (-0.2%) sectors, are lower this morning. 

The final reading of the December S&P Global U.S. Services PMI registered at 52.5, from a prior level of 52.9.