Stock Market Update

[BRIEFING.COM] Stocks are moving higher this morning as the market finally sees some relief after what has been a particularly rough week. 

The S&P 500 (+1.1%), Nasdaq Composite (+0.8%), and DJIA (+1.6%) are higher across the board amid a rebound in tech names and solid strength in the broader market. The Russell 2000 (+2.2%) and S&P Mid Cap 400 (+2.2%) are off to an even hotter start. 

The top-weighted information technology sector is up 2.7%, taking back over half of its previous losses from this week. NVIDIA (NVDA 181.46, +9.58, +5.57%) is a mega-cap standout, and strength among other chipmaker names pushes the PHLX Semiconductor Index 4.6% higher. 

Meanwhile, the iShares GS Software ETF (+2.1%) also moves higher after immense pressure across software names this week. Gen Digital (GEN 24.74, +2.30, +10.28%) is one of the top-performing S&P 500 names after topping earnings estimates. 

Meanwhile, Amazon (AMZN 202.32, -20.37, -9.15%) is down sharply after missing EPS expectations, though the move is more likely in response to a massive $200 billion capital expenditure guidance plan. The consumer discretionary sector (-2.6%) is at the bottom of the leaderboard. 

Some lingering weakness in Alphabet (GOOG 323.75, -7.58, -2.29%) after a similar capital expenditure guide keeps the communication services sector (-1.6%) lower as well, while all other sectors trade higher after broad weakness yesterday. 

Just released, the preliminary University of Michigan Consumer Sentiment reading for February checked in at 57.3 (Briefing.com consensus 54.3) from the final January reading of 56.4.