Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%) and Nasdaq Composite (+0.3%) have entered positive territory following improvements in the information technology sector (+0.7%), while weakness in the broader market keeps the DJIA (-0.6%) beneath its flat line. 

The PHLX Semiconductor Index (+0.8%) holds a solid gain, with Micron (MU 251.25, +14.30, +6.04%) leading the way, while NVIDIA (NVDA 188.73, +1.87, +1.00%) reenters positive territory for the week. 

Additionally, chipmaking material producer Applied Materials (AMAT 222.65, -0.58, -0.26%) has pared its losses, which were wider than 6.0% in the premarket, following the company's earnings report. 

The company beat expectations on the top and bottom line, which has been a typical outcome for AMAT in recent quarters. That said, EPS fell 6% year-over-year while revenue declined 3.5% to $6.8 billion. The EPS drop marks the company's first year-over-year decline since JulQ '23, while the revenue contraction is its first in seven quarters, reflecting softer demand out of China and slightly higher operating expenses. The midpoint of its Q1 guidance, $2.18 EPS on $6.85 billion in revenue, also implies further year-over-year declines.