Stock Market Update

[BRIEFING.COM] The major averages are mostly lower just before midday, as a pullback in tech names after yesterday's rally pushes the S&P 500 (-0.2%) and Nasdaq Composite (-0.4%) modestly lower, while the DJIA (+0.8%) pushes further into record territory as sliding oil prices continue to prompt gains in the broader market.

The top-weighted information technology sector (-1.5%) holds the widest loss, weighed down by its semiconductor components such as Lumentum (LITE 876.00, -81.24, -8.49%), Coherent (COHR 388.15, -25.69, -6.21%), and Intel (INTC 119.69, -8.17, -6.39%) after sharp gains in yesterday's session.

Elsewhere, the energy sector (-0.5%) also retreats as crude oil moves back below the $80 per barrel mark amid optimism around the U.S.-Iran peace deal set to be signed on Friday.

Meanwhile, eight S&P 500 sectors trade at or above their baselines, with solid gains across oil-sensitive pockets of the market contributing to the broadening out of leadership today. The S&P 500 Equal Weighted Index is flat, though a 0.7% slide in the Vanguard Mega Cap Growth ETF makes it tough for the market-weighted S&P 500 to advance as its largest names take a breather after a sharp rally to start the week.