Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.9%), and DJIA (flat) are mostly higher this morning as tech stocks rally after the latest round of earnings reports, though the gains are rotational and come at the expense of the broader market.

The information technology sector (+2.2%) is the only S&P 500 sector in positive territory this morning, though the size of its gain is enough to keep the major averages mostly higher. The PHLX Semiconductor Index is up 1.4% following a blowout earnings report from NVIDIA (NVDA 224.18, +14.52, +6.93%), which featured record data center revenues and strong forward guidance.

Software stocks are faring even better. Salesforce (CRM 243.49, +37.87, +18.42%) and CrowdStrike (CRWD 219.88, +30.70, +16.23%) are among the software names that are soaring after their own earnings reports, sending the iShares GS Software ETF 6.3% higher.

Meanwhile, the ten other S&P 500 sectors trade lower, with losses most pronounced across the defensive utilities (-1.1%), health care (-1.0%), and consumer staples (-1.0%) sectors.