Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (flat), and DJIA (+0.3%) are flattish shortly after the open as semiconductor stocks face some profit-taking after yesterday's rally, while another slide in oil prices supports gains across the broader market.

The PHLX Semiconductor Index is down 1.2% after yesterday's gain of 5.5%, which weighs on the information technology sector (-0.4 %).

Qualcomm (QCOM 231.35, -17.47, -7.02%) is among the worst-performing S&P 500 names, while NVIDIA (NVDA 211.08, -3.78, -1.76%) also trades lower. Micron (MU 926.05, +30.17, +3.37%) has given up over half of its pre-market gains, but remains in positive territory.

Elsewhere, the energy sector (-1.7%) lags as oil moves below the $90 per barrel mark following a Reuters report that the latest draft of the memorandum of understanding between the U.S. and Iran includes a commitment to restore Strait of Hormuz traffic to prewar levels within one month of the agreement.

The consumer discretionary sector (+1.4%) trades nicely higher, with oil-sensitive names such as cruise lines and rate-sensitive names such as homebuilders both posting solid gains this morning.

Additionally, there is some rotational strength in the consumer staples (+1.3%) and health care (+0.5%) sectors after a sharply lower finish yesterday.