Stock Market Update

[BRIEFING.COM] The stock market has seen relatively muted action ahead of this afternoon's FOMC meeting, with the S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (+0.3%) spending the session near their unchanged levels.

The underperformance of the S&P 500 and Nasdaq Composite belies the fact that tech stocks are actually rebounding nicely from yesterday's slide. The information technology sector is up 0.7%, supported by a 3.2% gain in the PHLX Semiconductor Index.

However, the rebound across semiconductor names has not resulted in a full-on mega-cap rally. The Vanguard Mega Cap Growth ETF is down 0.2% as the four "magnificent seven" stocks outside the information technology sector trade lower, weighing on the communication services (-2.3%) and consumer discretionary (-1.3%) sectors, as well as the major averages.

Meanwhile, the DJIA has notched fresh all-time highs as its components in cyclical sectors such as the financials (+0.6%) and industrials (+0.8%) continue to outperform.

The Russell 2000 (+0.7%) and S&P Mid Cap 400 (+0.4%) also move higher after underperforming yesterday.