Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq composite (flat), and DJIA (+0.3%) are little changed this morning as a rebound across tech names offsets weakness in the broader market.

The information technology sector is up 0.7% after a 2% slide yesterday, with semiconductor stocks garnering some buy-the-dip interest after a particularly weak showing yesterday. The PHLX Semiconductor index is up 2.2%, with names such as Applied Materials (AMAT 613.92, +45.70, +8.04%) and Lam Research (LRCX 387.42, +18.08, +4.90%) leading the advance.

Meanwhile, Jabil (JBL 411.76, +36.25, +9.65%) leads all S&P 500 names after a beat-and-raise earnings report.

Outside of tech, select cyclical sectors, including the industrials (+0.9%) and financials (+0.7%) sectors extend their solid gains this week, while the broader market trends lower.

The communication services sector (-1.9%) is an early laggard, with Alphabet (GOOG 364.47, -6.63, -1.79%) and Meta Platforms (META 585.44, -14.78, -2.46%) moving firmly lower after outperforming yesterday despite a relatively weak showing from mega-cap stocks.

Just released, pending home sales increased 3.8% in May (Briefing.com consensus 0.9%) from a downwardly revised prior increase of 0.3% (from 1.4%).

Business inventories increased 0.5% in April from a downwardly revised prior increase of 1.0% (from 1.5%).