Stock Market Update

[BRIEFING.COM] The major averages are once again mostly lower today, with tech weakness weighing on the Nasdaq Composite (-1.8%) and S&P 500 (-1.2%) while resilience in the broader market keeps the DJIA (-0.1%) near its flat line.

Yesterday's weakness in technology was most pronounced across the "Magnificent Seven," but today's pressure is centered on semiconductor stocks, even as the mega-cap group turns in mixed performances. The PHLX Semiconductor index is down 7.5% as a variety of names such as Micron (MU 1076.15, -135.23, -11.16%), Qualcomm (QCOM 199.72, -22.18, -10.00%), and onsemi (ON 118.13, -13.42, -10.20%) face double-digit losses.

Notably, the sell-off is without a single definitive catalyst, with lingering capital expenditure concerns and quarter-end rebalancing being touted as contributing factors.

The top-weighted information technology sector (-3.3%) is down considerably, but strength is mixed in the broader market, with six S&P 500 sectors trading higher. Breadth figures are nearly even on both the NYSE and Nasdaq.

More defensive-oriented sectors, such as the consumer staples (+1.8%), utilities (+0.9%), and health care (+0.7%) sectors, are among the top performers as growth stocks lag.