Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%) and Nasdaq Composite (+0.5%) are charting fresh record highs today as software names surge higher, while the DJIA (-0.1%) is flattish as the broader market takes a step back from yesterday's rally.

Despite stocks in the PHLX Semiconductor Index (-1.2%) facing some profit-taking, the information technology sector (+1.2%) is the top-performing S&P 500 sector, as software names outperform following the latest batch of earnings. Datadog (DDOG 185.92, +42.21, +29.37%) and Fortinet (FTNT 112.08, +22.13, +24.60%) are both sharply higher, contributing to strength in the iShares GS Software ETF (+4.6%). Microsoft (MSFT 425.76, +11.80, +2.85%) is also a mega-cap standout.

Elsewhere, there is some lingering strength across other mega-cap names that helps prevent losses at the index level. Tesla (TSLA 410.00, +11.27, +2.83%) provides solid leadership for the consumer discretionary sector (+0.2%) after Reuters reported that China-produced EV sales increased 36% in April, while Meta Platforms (META 623.28, +10.40, +1.70%) helps keep the communication services sector (+0.2%) in positive territory.

The Vanguard Mega Cap Growth ETF is up 0.9%, and the market-weighted S&P 500 (+0.2%) outperforms the S&P 500 Equal Weighted Index (-0.3%).

Losses across the remaining eight S&P 500 sectors are relatively modest, except for the energy sector (-2.8%), which is pressured by a continued decline in oil prices. Crude oil is currently down $3.52 (-3.7%) to $91.56 per barrel.

The Russell 2000 (-0.5%) and S&P Mid Cap 400 (-0.4%) are also underperforming.