Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (-0.1%), and DJIA (+0.6%) are off their opening highs as the top-weighted information technology sector (-0.8%) comes under pressure.

The sector's three largest components, NVIDIA (NVDA 207.35, -1.29, -0.62%), Apple (AAPL 292.84, -8.70, -2.88%), and Microsoft (MSFT 409.47, -2.27, -0.55%), now all trade lower.

The IGV is down %, while the PHLX Semiconductor Index (+0.2%) has given up nearly all of its early gain.

On the data front, existing home sales increased 3.2% month-over-month in May to a seasonally adjusted annual rate of 4.17 million from an upwardly revised 4.04 million (from 4.02 million) in April. Sales were also up 3.2% on a year-over-year basis.

The key takeaway from the report is that existing home sales hit their highest level since December, bolstered by lower mortgage rates (versus the year-ago period) and income gains outpacing home price growth, which led to improving affordability conditions across all regions.