Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.1%), and DJIA (+1.2%) sit near session highs just before midday as a massive batch of earnings reports released before the open fuels broad-based gains.

Alphabet (GOOG 372.58, +25.27, +7.28%), Caterpillar (CAT 882.62, +72.57, +8.96%), and Eli Lilly (LLY 920.92, +69.72, +8.19%) are among the market leaders trading sharply higher in response to earnings, and that is just the tip of the iceberg. 

In contrast, Microsoft (MSFT 403.86, -20.60, -4.85%), Meta Platforms (META 605.69, -63.43, -9.48%), and Amazon (AMZN 258.91, -4.13, -1.57%) are lower following their own results, while NVIDIA (NVDA 201.49, -7.76, -3.71%) is also under pressure, weighing on the information technology (-1.0%) and consumer discretionary (-0.1%) sectors. Even so, the broader market is easily absorbing that mega-cap weakness. Strength across a wide swath of sectors, along with continued upside in semiconductor names (excluding NVIDIA), has supported the advance. Qualcomm (QCOM 185.53, +29.53, +18.93%) is another post-earnings standout, lifting the PHLX Semiconductor Index to a 1.3% gain.

The Nasdaq Composite, despite early underperformance tied to the tech pressure, has pushed into positive territory as chipmakers extend their gains.

Elsewhere, the Russell 2000 (+1.2%) and S&P Mid Cap 400 (+1.2%) outperform.