Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-1.0%), and DJIA (-0.3%) trade lower shortly after the open. 

The market is seeing a continuation of recent weakness across mega-cap and tech stocks, which weighs on the major averages. The iShares GS Software ETF (-2.3%), PHLX Semiconductor Index (-2.4%), and Vanguard Mega Cap Growth ETF (-1.1%) are all firmly lower this morning. 

While the mega-cap weakness weighs on the communication services (-1.7%), information technology (-1.4%), and consumer discretionary (-1.0%) sectors, several other S&P 500 sectors are plotting even wider retreats. 

The materials sector (-2.2%) holds the widest loss amid a pullback in precious metals prices and an earnings miss from Vulcan Materials (VMC 302.26, -25.40, -7.75%) that has sent other construction materials names lower. 

The energy sector (-2.1%) is down similarly amid a decrease in oil prices as initial reports suggest the U.S. and Iran have come to some diplomatic agreements. 

Meanwhile, the financials sector (+1.0%) holds a nice gain, while the health care sector (+0.4%) is also modestly higher. 

Just released, the February NAHB Housing Market Index contracted to 36 (Briefing.com consensus 38) from a prior reading of 37.