Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+flat), and DJIA (+0.1%) are rising off their opening lows as solid participation in the broader market helps offset weakness in chipmakers.

Additionally, mega-cap tech stocks outside of the semiconductor space have a slightly positive tilt, with the Vanguard Mega Cap Growth ETF up 0.1%.

The final reading for the University of Michigan Consumer Sentiment Index for June increased to 49.5 (Briefing.com consensus: 48.9) from the preliminary reading of 48.9. In the same period a year ago, the index stood at 60.7.

The key takeaway from the report is that sentiment was boosted by the moderation in gas prices; however, the higher cost of living in general remains a burden, as sentiment is still 13% below the level it stood at in February prior to the start of the Iran War and almost 20% less than the prior year period.