Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-1.3%), and DJIA (+0.1%) sit mostly lower as tech and mega-cap names come under pressure today while the broader market leans positive. The Russell 2000 (+0.8%) and S&P Mid Cap 400 (+0.7%) are once again outperforming the major averages. 

Though the information technology sector (-2.1%) is the only S&P 500 sector that holds a loss wider than 0.5%, the sizable pullback is enough to prevent growth in the S&P 500 and Nasdaq Composite despite relative strength elsewhere. 

Despite a nice upward move in Palantir Technologies (PLTR 154.75, +6.98, +4.72%), lingering weakness in Microsoft (MSFT 413.30, -10.07, -2.38%) keeps pressure on software names. Similarly, Teradyne (TER 281.82, +32.29, +12.94%) moves sharply higher after its own earnings beat, though broader pressure among chipmaker names keeps the PHLX Semiconductor Index 1.6% lower. 

The Vanguard Mega Cap Growth ETF is down 1.5% today, with weak mega-cap leadership also putting pressure on the consumer discretionary (-0.5%) and communication services (-0.3%) sectors.

Meanwhile, five S&P 500 sectors trade higher, all of which hold gains wider than 1.0%. 

The materials (+2.9%) and energy (+2.3%) sectors hold the widest gains as gold, silver, and oil prices all rebound considerably from yesterday's weakness. The more defensive consumer staples (+1.8%) and utilities (+1.6%) sectors are also posting solid gains amid the pullback in tech.