Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.8%), and DJIA (-0.7%) are mixed amid a volatile morning across mega-cap and semiconductor stocks, though the broader market continues to see solid participation.

Micron (MU 1152.38, +104.46, +9.97%) led the market higher after delivering another massive beat-and-raise earnings report, which initially gave a boost to other memory names and many semiconductor stocks. However, the PHLX Semiconductor is now up just 0.4% after several sharpw swings.

The information technology sector (-1.0%) is firmly lower as its largest components all trade lower. Part of that weakness can be attributed to Micron's earnings release, which showed tight DRAM and NAND supply that will make other mega-cap scales pay a premium for what Micron delivers. Apple (AAPL 279.36, -13.72, -4.68%) is a particular laggard.

Elsewhere, Amazon (AMZN 228.05, -6.22, -2.66%) trades lower while Alphabet (GOOG 340.73, -4.30, -1.25%) extends this week's losses, pushing the communication services (-1.4%) and consumer discretionary (-1.2%) sectors firmly lower as well. The Vanguard Mega Cap Growth ETF is down 1.4%.

While the weakness across high-profile names weighs on the major averages, the broader market leans higher, with eight S&P 500 sectors sporting gains.

The industrials sector (+2.0%) holds the widest gain, with industrial machinery names such as Xylem (XYL 118.84, +6.80, +6.07%) leading the advance. Meanwhile, the health care (+1.4%) and utilities (+1.0%) sectors extend their run of outperformance this week.