Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.8%), and DJIA (+0.8%) are higher across the board this morning, supported by broad participation as oil prices retreat.

Nine S&P 500 sectors trade higher, led by the consumer discretionary sector (+1.6%) which is supported by solid gains across a host of oil and rate-sensitive names, including DoorDash (DASH 160.90, +8.41, +5.52%), Carvana (CVNA 72.64, +3.19, +4.59%), and Royal Caribbean (RCL 280.73, +8.73, +3.21%). Amazon (AMZN 248.59, +3.37, +1.37%) provides additional mega-cap support after a lower finish yesterday.

The communication services sector (+1.2%) holds a similar gain as Alphabet (GOOG 366.98, +5.81, +1.61%) finally garners some buying interest after the announcement of a massive equity raise sent the stock lower last week.

Meanwhile, Apple (AAPL 296.46, -5.08, -1.68%) continues to weigh on the information technology sector (+0.3%), though solid gains across its semiconductor components once again push it higher.

Sandisk (SNDK 1770.22, +128.22, +7.81%) and Lam Research (LRCX 346.00, +21.55, +6.64%)are among the top-performing S&P 500 components, and the PHLX Semiconductor Index is up 1.8%.

A host of other cyclical sectors, including the materials (+1.6%), industrials (+1.6%), and financials (+1.1%) sectors trade higher as well, while the energy sector (-1.2%) lags amid the retreat in oil prices, and the consumer staples sector (-0.1%) moves slightly lower despite a post-earnings rally from J.M. Smucker (SJM 111.98, +10.22, +10.04%).

Just released, existing home sales increased 3.2% in May (Briefing.com consensus 0.6%), from an upwardly revised prior increase of 0.7% (from 0.2%).

Wholesale inventories increased 0.6% in April (Briefing.com consensus 0.5%), from an upwardly revised prior increase of 1.5% (from 1.3%).