Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (-0.4%), and DJIA (+0.7%) are mixed shortly before midday as stocks see a continuation of yesterday's main trends.

Chipmakers and other AI-infrastructure stocks have given up their opening gains, with the PHLX Semiconductor now down 3.3%, sending the index into negative week-to-date territory. The information technology sector (-0.6%) holds a more modest loss as Apple (AAPL 306.35, +11.97, +4.07%) and Microsoft (MSFT 388.69, +4.41, +1.15%) are once again cushioning the chipmaker weakness.

Mega-cap stocks elsewhere are not quite as supportive, with Meta Platforms (META 589.19, -23.72, -3.87%) giving back a chunk of yesterday's 9% rally while Tesla (TSLA 399.37, -25.93, -6.10%) sinks despite a strong Q2 deliveries report.

However, the broader market is picking up some of that slack as investors continue to rotate instead of pulling out of equities entirely. Eight S&P 500 sectors trade higher, five of which hold gains wider than 1.0%. The defensive health care (+2.1%), consumer staples (+1.7%), and utilities (+1.3%) sectors are particularly strong amid the weakness across mega-cap names. As a result, the S&P 500 Equal Weighted Index (+0.4%) outperforms the market-weighted S&P 500 (+0.1%).