Stock Market Update

[BRIEFING.COM] Stocks are mostly higher this morning, with the S&P 500 (+0.3%), Nasdaq Composite (+0.2%), and DJIA (+0.1%) holding modest gains.

Notably, the premarket buy-the-dip enthusiasm across semiconductor names has waned substantially, with the PHLX Semiconductor Index down 0.8%. After a nearly 5% premarket gain, Micron (MU 1046.91, -4.86, -0.46%) moves lower ahead of its earnings release this evening, with memory peers Seagate Tech (STX 1011.94, -26.66, -2.57%) and Western Digital (WDC 652.06, -18.69, -2.79%) among the worst-performing components of the information technology sector (flat).

Losses are pared by a solid early showing from "Magnificent Seven" names this morning, with NVIDIA (NVDA 200.58, +0.54, +0.27%), Apple (AAPL 295.22, +0.92, +0.31%), and Microsoft (MSFT 374.49, +0.55, +0.15%) all trading modestly higher. 

Amazon (AMZN 237.34, +3.23, +1.38%) is a standout among the group, helping the consumer discretionary sector (+1.5%) move firmly higher. The sector is also supported by solid gains across its homebuilding names, such as PulteGroup (PHM 136.48, +9.92, +7.84%) and D.R. Horton (DHI 167.58, +11.50, +7.37%), amid a busy morning for the group.

NBC News reports that the House passed a major housing affordability bill, which will reduce regulations to increase the supply of homes. Additionally, KB Home (KBH 61.32, +8.59, +16.29%) soars higher after its earnings release, while oil has moved below $70 per barrel, which in turn has sent Treasury yields lower. The iShares U.S. Home Construction ETF is up 6.0%.

The energy sector (-1.4%) is a laggard as a result, but it is one of just three S&P 500 sectors that trade lower. The financials (-0.4%) and real estate (-0.3%) sectors hold more modest losses.

Just released, new home sales decreased 7.3% month-over-month in May to a seasonally adjusted annual rate of 580,000 from an upwardly revised 626,000 (from 622,000) in April.