Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.2%), and DJIA (-0.1%) are little changed as tech names quickly rise off their opening lows, a move that has taken some early momentum out of the broader market.

Sandisk (SNDK 1273.45, -77.05, -5.71%) and Western Digital (WDC 452.08, -67.09, -12.92%) are firmly lower following some profit-taking after their respective earnings reports, though the stocks are considerably improved from their worst levels. The PHLX Semiconductor Index (+0.5%) has reclaimed its flatline, and the information technology sector (+0.2%) moves modestly higher.

Software continues to be a drag on the sector following the earnings of AppLovin (APP 335.52, -82.28, -19.69%) and Datadog (DDOG 235.96, -47.22, -16.67%), and the iShares GS Software ETF is down 2.8%.

The defensive consumer staples (+0.1%), health care (+0.1%), and utilities (+0.2%) sectors opened firmly higher, but have since retreated alongside the recovery in technology.

Currently, the energy sector (+0.6%) is the only S&P 500 sector with a gain or loss wider than 0.5%. WTI crude oil is up $0.84 (+1.1%) to $76.06 per barrel as investors await news of an official peace agreement between the U.S. and Iran.

Just released, wholesale inventories increased 0.2% in June (Briefing.com consensus 0.3%), from a prior increase of 0.1%