Stock Market Update
23-Oct-26 14:25 ET
Technology sector back to little changed for the week
Dow -591.04
at 52277.15,
Nasdaq -17.91
at 26011.39,
S&P -31.61
at 7631.89
[BRIEFING.COM] The S&P 500 (-0.4%) remains in negative territory under the weight of losses in nine sectors with five groups down 1.0% or more. With today's loss, the benchmark index is on course to lose 0.4% for the week, somewhat masking the volatility that has impacted AI-related names earlier this week.
Even the top-weighted technology sector (+0.5%) is down just 0.1% for the week, thanks to this week's outperformance in software names, evidenced by the 5.9% week-to-date gain in the iShares Expanded Tech-Software Sector ETF (IGV 110.62, +1.90, +1.75%). Thanks to this week's rally, the ETF is now up 4.7% for the year after being down 30.1% for the year in early April.
Chip stocks are seeing some strength today but the PHLX Semiconductor Index (+0.8%) is still down 2.9% for the week and down 14.3% for the month. The group is still up an impressive 53.0% for the year, but down sharply from its 106.9% year-to-date gain in late June.
