Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.5%), and DJIA (+0.2%) are mixed this morning as considerable weakness across semiconductor names weighs against a broader market that leans higher.

The PHLX Semiconductor Index is down 3.1%, facing renewed selling pressure after the group showed resilience yesterday while other mega-cap tech names retreated sharply. Memory and other AI infrastructure names such as Lumentum (LITE 778.32, -55.32, -6.64%) and Sandisk (SNDK 1484.76, -125.57, -7.80%) are among the worst-perfomign S&P 500 components this morning.

Meanwhile, yesterday's laggards are putting up mixed performances. Alphabet (GOOG 321.00, +2.66, +0.84%) has garnered some early buy-the-dip interest this morning after yesterday's slog, while Tesla (TSLA 315.06, -4.62, -1.45%) continues to move lower. The Vanguard Mega-Cap Growth ETF is down 0.3%.

Outside of the information technology (-1.0%) and consumer discretionary sector (flat), nine S&P 500 sectors trade higher. The gains are largely modest, though Alphabet's bounce has the communication services sector (+0.9%) firmly higher while the real estate sector (+2.2%) benefits from Treasury yields moving lower this morning.

Just released, the preliminary reading of the July S&P Global U.S. Services PMI registered at 53.6, up from the prior reading of 51.2.

The preliminary reading of the S&P Global U.S. Manufacturing PMI registered at 53.8, down slightly from the prior reading of 53.9.

New home sales increased 1.6% month-over-month in June to a seasonally adjusted annual rate of 628,000 (Briefing.com consensus: 620,000) from an upwardly revised 618,000 (from 580,000) in May.