Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.6%), and DJIA (-0.3%) sit mixed just before midday amid a quiet session that has been relatively devoid of recent geopolitical volatility.

The tenuous two-week ceasefire appears to be holding as the U.S. and Iran prepare for negotiations this weekend. On a similar note, the headline March CPI (0.9%; Briefing.com consensus: 0.7%) came in hotter than expected, though the Core CPI reading (0.2%; Briefing.com consensus:0.3%), which excludes food and energy, was better than feared, helping to keep the market's reaction tame.

While geopolitical developments remain muted for the time being, there is some lingering enthusiasm across the AI trade today as Taiwan Semiconductor Manufacturing (TSM 375.17, +9.68, +2.65%) reported strong upside Q1 revenues. Names such as Advanced Micro Devices (AMD 247.28, +10.64, +4.50%) and Super Micro Computer (SMCI 24.74, +1.52, +6.55%) are sharply higher as a result, boosting the PHLX Semiconductor Index (+3.0%) which has extended its week-to-date gain past 14%.

The information technology sector (+1.3%) is the best-performing S&P 500 sector as a result, with semiconductor strength outweighing weakness across software names that pushes the iShares GS Software ETF 2.9% lower.