Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.8%), and DJIA (flat) are mostly lower this morning amid pronounced weakness across tech names and mixed strength in the broader market.

Semiconductor names are seeing an extension of yesterday's losses, with OpenAI's revenue and user target miss weighing on the AI trade. The PHLX Semiconductor Index is down 3.0%, and unlike yesterday's action, NVIDIA (NVDA 212.03, -4.58, -2.11%) trades lower, which pushes the broader information technology sector (-1.4%) firmly lower.

Higher oil prices and softer guidance from names such as UPS (UPS 102.07, -6.17, -5.70%) and Pentair (PNR 83.85, -8.42, -9.13%) has the industrials sector holding a similar loss, while losses are more modest elsewhere.

Meanwhile, the energy sector (+1.2%) sits atop the leaderboard amid the increase in oil prices, with WTI crude currently up $3.12 (+3.2%) to $99.44 per barrel.

The defensive consumer staples sector (+1.0%) is another top mover as investors rotate out of more growth-oriented holdings today, with Coca-Cola (KO 79.19, +3.75, +4.97%) a notable standout after topping earnings estimates.

Just released, the Conference Board's Consumer Confidence Index increased to 92.8 in April (Briefing.com consensus: 89.2) from 91.8 in March.