Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.6%), and DJIA (+0.7%) are mixed as mega-cap weakness once again weighs against solid participation in the broader market. 

Tech names traded higher in the premarket as investors finally reacted to Advanced Micro Devices' (AMD 259.39, +21.87, +9.21%) financial analyst day announcements from yesterday, including projections for $100 billion in data center revenue over the next three to five years and a total addressable AI market of $1 trillion by 2030. 

The PHLX Semiconductor Index is up 1.3%, but NVIDIA (NVDA 192.60, -0.56, -0.29%) is not among the names trading higher, and the broader information technology sector is down 0.2%

The sector faces pressure in its mega-cap components, with persisting weakness across the market's largest names weighing on the communication services (-1.6%) and consumer discretionary (-1.1%) sectors as well. 

The Vanguard Mega Cap Growth ETF is down 0.7%, and the S&P 500 Equal Weighted Index (+0.4%) outpaces the market-weighted S&P 500 (-0.1%).

Meanwhile, five S&P 500 sectors trade higher, led by the health care (+1.3%) and financials (+0.9%) sectors. 

The Russell 2000 (-0.1%) holds a slight loss, while the S&P Mid Cap 400 (+0.5%) outperforms.