Stock Market Update

[BRIEFING.COM] The stock market has seen a steady retreat after opening gains sent the S&P 500 (-0.2%) and Nasdaq Composite (-0.1%) to fresh record highs.

The DJIA (-0.2%) faces a similar loss, while the smaller-cap Russell 2000 (-0.2%) and S&P Mid Cap 400 (-0.5%) also trade lower. 

Sector strength has eroded throughout the session, leaving only the materials (+0.4%) and information technology (+0.3%) sectors with modest gains. 

The slight advance in the technology sector is supported by relative strength in chipmakers, sending the PHLX Semiconductor Index (+1.5%) to a fresh record after OpenAI announced a deal to purchase a massive amount of chips from Samsung and SK Hynix, sending a positive signal about demand for high-bandwidth memory.

Elsewhere in the sector, Fair Isaac (FICO 1874.00, +361.29, +23.88%) trades sharply higher after launching a direct license program for mortgage lending.

While losses today are broad-based, they are modest, as no sectors have retreated more than 0.7%.

The ongoing government shutdown has left the market without today's scheduled economic releases, adding to the sluggish tone of a session devoid of catalysts.