Stock Market Update
16-Oct-26 11:25 ET
Apple outperforms on Duo pre-order excitement
Dow +117.87
at 52295.77,
Nasdaq -318.50
at 26414.97,
S&P -28.89
at 7715.24
[BRIEFING.COM] The market’s divergence has widened as the morning has progressed. The brief rebound attempt in semiconductor stocks has faded, and renewed selling in the group has left the S&P 500 information technology sector down 1.6% and the Philadelphia Semiconductor Index down 2.3%.
Apple (AAPL 346.02, +4.02, +1.17%) is a notable exception to the technology-sector weakness. The sector’s largest component is outperforming amid excitement surrounding the high-priced iPhone Duo, which sold out within minutes after pre-orders opened. Apple’s relative strength is also contributing to the Dow’s outperformance.
The failed rebound in semiconductor shares marks a reversal from the prior update, when the group had moved off its early lows. Their renewed weakness keeps the growth-stock retreat at the center of the market’s mixed posture approaching midday.
The S&P 500 (-0.4%) is at its lows for the session.
