Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.9%), and DJIA (+0.9%) hold decent gains shortly after the open, supported by a rebound in semiconductor stocks and solid participation across the broader market.

The top-weighted information technology sector (+1.5%) is buoyed by a 4.6% bounce in the PHLX Semiconductor Index as investors buy into the recent weakness. Intel (INTC 117.86, +10.82, +10.11%) is a standout after Bank of America Securities upgraded the stock to Buy from Underperform, with a target price of $135.

Meanwhile, Oracle (ORCL 180.20, -21.06, -10.47%) lags after its earnings, with other packaged software names trading modestly lower in sympathy.

Several cyclical sectors, including the industrials (+1.5%) and materials (+1.5%) sectors, are also rebounding nicely from sharp retreats yesterday that came amid a spike in oil prices.

Weakness is limited to the communication services sector (-1.2%) as Alphabet (GOOG 346.21, -7.11, -2.01%) continues to face pressure following last week's announcement of a nearly $85 billion equity capital raise.