Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and DJIA (+0.4%) are charting new record highs across the board this morning amid another strong performance from tech stocks.

Strength is largely limited to the information technology sector (+2.2%), which is supported by broad gains across its components. Blowout earnings reports from Dell (DELL 424.96, +107.91, +34.04%) and NetApp (NTAP 189.79, +47.39, +33.28%) have other computer hardware names moving sharply higher and occupying the top spots on the S&P 500 leaderboard.

Meanwhile, software and semiconductor stocks are both extending yesterday's gains, with the iShares GS Software ETF up 2.9% and the PHLX Semiconductor Index up 2.2%.

The financials sector (+0.1%) holds a slight gain, while the other nine S&P 500 sectors move lower.

The consumer staples sector (-1.7%) holds the widest loss as Costco (COST 949.90, -45.30, -4.55%) moves lower after earnings, while the communication services (-1.3%), real estate (-1.0%), and energy (-1.0%) sectors also lag.

On the data front, the May Chicago PMI expanded to 62.7 (Briefing.com consensus 49.5), from the prior reading of 49.2.