Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.3%), and DJIA (+0.7%) remain mixed, as widening losses across chipmaker names weigh against broader market gains.

The consumer discretionary sector (+1.8%) is doing its part to balance out the chipmaker weakness, currently leading all S&P 500 sectors.

MGM Resorts (MGM 41.68, +3.22, +8.39%) is the top-performing S&P 500 component, trading higher after several analyst upgrades this morning. JPMorgan upgraded the stock to Overweight from Neutral with a target price of $46, while Truist upgraded the stock to Buy from Hold with a target price of $55.

In other corporate news, lululemon athletica (LULU 135.80, +8.44, +6.63%) trades higher after the company announced that it has entered into a cooperation agreement with Dennis J. "Chip" Wilson, who owns approximately 8.7% of the company's outstanding common stock. In connection with the agreement, Laura Gentile, former Chief Marketing Officer of ESPN, and Marc Maurer, former Co-Chief Executive Officer of On, will join the company's Board of Directors following the company's 2026 Annual Meeting of Shareholders.