Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.3%), and DJIA (+0.4%) are recovering from yesterday's post-FOMC selloff that saw stocks finish lower for the third consecutive session this week.

Technology stocks are leading the advance, with the information technology sector (+1.8%) sitting comfortably atop the sector standings. Semiconductors are once again outperforming, lifting the PHLX Semiconductor Index 3.2%, although the group has surrendered the bulk of its gains during the afternoon in each of the previous two sessions.

Mega-cap tech stocks elsewhere lean mostly higher, helping the consumer discretionary sector (+1.4%) post a solid gain. Another pullback in oil prices has provided additional support, with a host of energy- and rate-sensitive consumer names, including homebuilders, moving higher as Treasury yields decline alongside crude oil.

Elsewhere, banking names remain under modest pressure after yesterday's rate hike weighed on the group, leaving the financials sector (-0.4%) lower. The defensive consumer staples sector (-0.1%) also lags as growth stocks surge this morning, while the energy sector (-0.1%) follows crude prices lower.

Just released Pending home sales increased 0.3% in August (Briefing.com consensus 0.5%), from a downwardly revised 2.5% decrease (from -2.3% in July).