Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.%), and DJIA (+0.1%) are mostly lower as tech names face a relatively sharp retreat. 

The top-weighted information technology sector (-1.6%) escaped yesterday's session with a slight gain as mega-cap names masked relatively steep losses in semiconductor names. The PHLX Semiconductor Index is down another 1.8% today, though the Vanguard Mega Cap Growth ETF (-0.9%) is also registering losses today. 

Weakness in Meta Platforms (META 637.26, -11.43, -1.76%) keeps the communication services sector (-0.4%) slightly lower, though the other nine S&P 500 sectors trade at or above their baselines. 

After taking a step back yesterday, several cyclical sectors are expanding their recent rallies this morning. The industrials sector (+1.4%) holds the widest gain, with defense names surging after President Trump called for a $1.5 trillion defense budget. 

The energy sector (+1.1%) also holds a solid gain as crude oil prices increase $0.93 (+1.6%) to $58.92 per barrel.  Financial Times reported that President Trump's actions in Venezuela threaten China's oil supplies.

Just released, wholesale inventories increased 0.2% in October (Briefing.com consensus 0.2%) from a previous increase of 0.5%.