Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-1.0%), and DJIA (+0.7%) sit mostly lower amid another day of considerable rotation out of mega-cap and tech names. 

From a technical perspective, today's session resembles much of what unfolded yesterday. Strength in the broader market has the DJIA testing yesterday's record high level, while the S&P 500 once again tests its 50-day moving average, where buying support has kicked in. The tech-heavy Nasdaq Composite finds itself a laggard, remaining below its own 50-day moving average. 

The information technology sector (-1.7%) is once again the worst-performing S&P 500 sector. Advanced Micro Devices (AMD 203.79, -38.32, -15.83%) is the latest big tech company to move sharply lower despite topping earnings estimates and delivering upside guidance, while NVIDIA (NVDA 174.59, -5.75, -3.19%) contributes to weakness in the PHLX Semiconductor Index (-4.2%). 

Weakness across other mega-cap stocks also sends the communication services (-1.4%) and consumer discretionary (-0.5%) sectors lower. The Vanguard Mega Cap Growth ETF is down 1.3%. 

Meanwhile, the eight other S&P 500 sectors trade higher, helping the S&P 500 Equal Weighted Index (+0.8%) distance itself from the market-weighted S&P 500 (-0.2%). 

The energy (+1.4%) and materials (+1.4%) sectors expand upon yesterday's strength, while the health care sector (+1.3%) receives a nice boost from Eli Lilly (LLY 1100.72, +97.26, +9.69%) after the company beat earnings estimates and delivered robust guidance. 

Outside of the S&P 500, the Russell 2000 (-1.0%) and S&P Mid Cap 400 (+0.4%) sit mixed.