Stock Market Update

[BRIEFING.COM] There is no question where the early strength is concentrated. The S&P 500 information technology sector is up a massive 4.4% and it has Microsoft (MSFT 447.66, +57.12, +14.63%) to thank for that. Mr. Softie is no softie today—far from it. The Dow component is soaring after its better-than-expected earnings report and outlook, which was a very welcome distraction from the disappointments shared by Meta Platforms (META 532.22, -53.40, -9.12%) and Qualcomm (QCOM 150.13, -5.55, -3.57%).

The other big contributor is Lam Research (LRCX 307.24, +54.88, +21.75%), which is surging after its earnings report and leaving some long coattails for the likes of Applied Materials (AMAT 501.68, +65.23, +14.95%), KLA Corporation (KLAC 184.86, +14.67, +8.62%), and other semiconductor stocks to ride.

The Philadelphia Semiconductor Index is up 7.4%.

Elsewhere, the communication services sector (-3.2%) is the weakest area due to Meta's troubles, followed by the more defensive-oriented consumer staples (-2.5%) and health care (-1.8%) sectors.