Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-1.1%), and DJIA (+0.3%) sit at session lows just before midday as pronounced weakness across some of the market's largest components weighs on the major indices.

Alphabet (GOOG 343.68, -23.78, -6.47%) is one of the worst-performing S&P 500 components after the company's top engineering executive, John Jumper, decided to leave Google DeepMind and join Anthropic. Alphabet's losses lead the communication services sector (-4.6%) lower, with Meta Platforms (META 560.70, -16.52, -2.86%) contributing to the mega-cap weakness.

Amazon (AMZN 233.25, -11.14, -4.56%) also lags ahead of tomorrow's Prime Day event, and the consumer discretionary sector (-1.6%) is firmly lower. The Vanguard Mega Cap Growth ETF is down 1.2%.

Meanwhile, the broader market leans modestly higher. The nine other S&P 500 sectors trade higher, though the gains are relatively narrow in nature, and decliners still outpace advancers on both the NYSE and the Nasdaq.

The information technology sector has retreated to its flatline after a 1% gain this morning, with weakness across software and other names outweighing momentum across semiconductors.

Outside of the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.3%) are outperforming.