Stock Market Update

[BRIEFING.COM] The S&P 500 has returned to its unchanged level, overcoming its modest starting loss while the Nasdaq (-0.1%) has a bit more distance to cover before reclaiming its unchanged level.

The Nasdaq has closed the bulk of today's performance gap to the broader market thanks to a rebound in chip stocks, but the PHLX Semiconductor Index remains down 0.6% for the day and down 3.2% for the week. The SOX Index started the day on a weak note after South Korea's Kospi lost 5.5% overnight. Two chip giants—Samsung and SK Hynix (SKHY 156.04, -6.19, -3.82%)—account for just over 50% of the Kospi index, so the performance of that market is key to shaping sentiment surrounding chip stocks in general. With today's rise off lows in chip stocks during the U.S. session, investors will be curious to see if the Kospi also recovers from its poor Tuesday showing.

Elsewhere, Treasuries are on track for a mixed finish with 5s and longer tenors tracking modest gains while the short end lags. The 10-yr yield is down two basis points at 5.22% while the 2-yr yield is up one basis point at 4.80%.