Stock Market Update

[BRIEFING.COM] Stocks are mostly lower today, with pressure from tech weakness, rising oil prices, and earnings-related volatility.

The S&P 500 (-0.7%) and Nasdaq Composite (-1.3%) are moving lower from yesterday's record highs as semiconductor names continue to face pressure after the PHLX Semiconductor Index (-4.6%) snapped an 18-session win streak yesterday. NVIDIA (NVDA 209.19, -7.42, -3.43%) gives back the bulk of yesterday's solid move, while Corning (GLW 153.45, -14.56, -8.67%) is one of the worst-performing S&P 500 names after reporting strong results but in-line guidance after a massive run-up to its earnings report.

The information technology sector is down 2.3%, and mega-cap stocks elsewhere are mostly lower, which weighs on the consumer discretionary (-0.7%) and communication services (-0.3%) sectors as well. Meanwhile, there is some resilience in the broader market, suggesting some rotational action may be in play after narrow recent leadership across mega-cap names.

The energy sector (+2.2%) is a standout as crude oil moves $3.23 (+3.6%) higher to $99.60 per barrel, while the defensive consumer staples sector (+1.5%) also moves firmly higher, led by Coca-Cola (KO 79.96, +4.52, +5.99%) after the company topped earnings estimates this morning. The DJIA is up 0.2%.

Outside of the S&P 500, the Russell 2000 (-1.2%) and S&P Mid Cap 400 (-1.1%) move lower amid the market's risk off tone today.