Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%) and Nasdaq Composite (flat) are at their best levels of the morning as semiconductor stocks rebound from their opening losses, with the PHLX Semiconductor Index now up 1.2%. Meanwhile, the DJIA (+0.2%) is slightly off its early highs as investors rotate back into chipmakers, though it still holds a modest gain as the broader market tilts higher.

The information technology sector (+0.3%) is now among the six S&P 500 sectors that trade higher, supported by a monster gain in Super Micro Computer (SMCI 31.70, +6.20, +24.29%) following the company's Q4 (June) guidance update last night.

Elsewhere, the utilities (+1.5%) and materials (+1.2%) sectors outperform, as does the energy sector (+1.3%) as crude oil rises again amid a souring atmosphere of negotiations between the U.S. and Iran. Rising oil prices and yields pressure some names in the consumer discretionary sector (-0.8%), while the Russell 2000 (-0.7%) also lags today.

However, the major averages have traded in a relatively stable range amid lower-than-average trading volume, suggesting investors may be exercising some caution ahead of earnings reports from Alphabet (GOOG 347.00, +0.81, +0.23%) and Tesla (TSLA 378.16, -0.78, -0.20%) after the close.