Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.2%), and DJIA (+0.3%) are little changed as stocks opened to mixed strength amid a quiet morning of headlines.

Breadth figures are nearly even on the NYSE, though decliners outpace advancers by a roughly 4-to-3 clip on the Nasdaq.

The top-weighted information technology sector (-0.5%) is firmly lower as semiconductor stocks continue to face pressure, with the PHLX Semiconductor Index down 1.9%. Several of the S&P 500's worst performers are semiconductor stocks, with memory names Sandisk (SNDK 1477.25, -104.57, -6.61%) and Micron (MU 986.41, -42.59, -4.14%) among the laggards.

The consumer discretionary sector (-0.6%) also faces pressure, with higher crude prices weighing on a variety of names this morning. Crude oil is currently up $1.92 (+2.1%) to $93.77 per barrel following an escalation in the conflict between Saudi Arabia and Houthi forces over the weekend. As a result, the energy sector (+1.9%) is a standout this morning, though the broader market is handling the surge in oil prices relatively well.

Eight S&P 500 sectors are trading higher, led by the communication services sector (+1.4%), as Meta Platforms (META 741.50, +22.83, +3.18%) rallies following an Abab News report that Mark Zuckerberg hinted at a new "Watermelon" AI model in a recent interview, while wireless providers recover some of Friday's losses.

Gains elsewhere are much more modest.