Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and DJIA (+0.1%) are modestly higher as another strong showing from semiconductor names outweighs mixed strength elsewhere.

The top-weighted information technology sector (+1.4%) leads the advance, buoyed by a 5.1% gain in the PHLX Semiconductor Index, which now trades firmly higher for the week. Applied Materials (AMAT 625.76, +55.26, +9.69%) is extending yesterday's rally, while Lam Research (LRCX 364.52, +31.36, +9.41%) and KLA Corporation (KLAC 244.59, +23.41, +10.58%) hold similar gains.

Gains are more modest elsewhere, though several cyclical sectors that traded lower yesterday, such as the industrials (+0.6%) and financials (+0.5%) sectors, are rebounding today.

Meanwhile, PepsiCo's (PEP 135.38, -7.12, -4.99%) earnings weigh on the consumer staples sector (-1.7%), while Paramount Skydance (PSKY 8.94, -0.81, -8.32%) is the worst-performing S&P 500 name, weighing on the communication services sector (-1.4%) amid reports that states could sue to block the merger with Warner Bros. Discovery (WBD 26.30, +0.14, +0.55%).

The energy sector (-1.1%) is also a laggard as crude oil gives back some of yesterday's gains, though reports indicate shipping through the Strait of Hormuz remains at a near standstill.

Just released, existing home sales decreased 2.4% month-over-month in June to a seasonally adjusted annual rate of 4.09 million (Briefing.com consensus 4.20 million) from an upwardly revised 4.19 million (from 4.17 million) in May.