Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.1%), Nasdaq Composite (-1.9%), and DJIA (-0.3%) are lower across the board as the market faces a continuation of yesterday's weakness across tech names.

The top-weighted information technology sector (-2.9%) opened to considerable weakness, once again facing pressure in its semiconductor components as the PHLX Semiconductor Index slides 5.8%. Coherent (COHR 391.11, -30.79, -7.30%) and onsemi (ON 122.00, -9.82, -7.45%) are among some of the worst-performing S&P 500 components, while NVIDIA (b212.03, -6.63, -3.03%) also lags early.

Losses are relatively modest elsewhere so far, though the energy sector (-0.9%) pulls back as crude oil retreats to the $91.50 per barrel mark.

There is some rotational interest amid the sell-off across AI-related names, though the strength is not as broad compared to yesterday's action, and is relatively concentrated across the defensive consumer staples (+1.7%), health care (+0.8%), and utilities (+0.7%) sectors.