Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.3%), and DJIA (+0.8%) are mixed this morning amid a busy morning on both the earnings and data fronts. There are several outsized moves from market leaders in reaction to earnings, which is largely driving action at the sector level.

Alphabet (GOOG 366.31, +19.00, +5.47%), Eli Lilly (LLY 912.68, +61.48, +7.22%), and Caterpillar (CAT 878.60, +68.55, +8.46%) are all sharply higher after topping earnings estimates, resulting in solid early gains across the communication services (+1.4%), health care (+1.1%), and industrials (+1.5%) sectors.

Meanwhile, Microsoft (MSFT 405.36, -19.10, -4.50%) is sharply lower, with weakness across other software names putting pressure on the information technology sector (-1.0%).

While Amazon (AMZN 259.67, -3.37, -1.28%) initially moved higher following its own earnings release, the stock has since reversed course, which weighs on the consumer discretionary sector (-0.3%).

Overall, strength is broad early on, though some weakness in tech and mixed reactions to yesterday's mega-cap earnings are limiting growth at the index level.

The Chicago PMI contracted to 49.2 in April (Briefing.com consensus 52.4) from a prior level of 52.8.

The March Leading Economic Index decreased 0.6%.