Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.6%), and DJIA (+0.5%) sit mixed just before midday as weakness in tech names puts a damper on another day of solid broader-market growth. 

Chipmaker names are once again under outsized pressure after a sharp rally early in the week, with today's 2.5% loss in the PHLX Semiconductor Index leaving it up just 0.2% for the week. 

The broader information technology sector (-1.9%) is sharply lower as the mega-cap names such as NVIDIA (NVDA 185.04, -4.08, -2.15%) and Microsoft (MSFT 477.23, -6.24, -1.29%) give back yesterday's advance. 

The Vanguard Mega Cap Growth ETF is down 0.8%, though the weakness is mostly confined to the technology sector. The consumer discretionary (+1.2%) and communication services (+0.8%) sectors both hold solid gains as names such as Alphabet (GOOG 327.94, +5.51, +1.71%) and Amazon (AMZN 244.40, +2.84, +1.18%) take part in today's cyclical rally. 

Other cyclical sectors such as the energy (+1.3%), financials (+0.8%), materials (+0.8%), and industrials (+0.8%) are up similarly as leadership continues to broaden this year. 

Outside of the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.1%) hold modest gains after retreating yesterday.