Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.7%), and DJIA (-0.4%) have significantly improved from their opening losses just before midday. The S&P 500 and Nasdaq Composite both briefly dipped below their 50-day moving averages before rising above the critical support level. 

The top-weighted information technology sector (+1.2%) leads the rebound effort, with strength across chipmaker names pushing the PHLX Semiconductor Index (+1.2%) to a similar gain. 

The improvement in sentiment has rippled across other mega-cap and momentum names, as the Vanguard Mega Cap Growth ETF (+0.6%) also shows strength. 

Tesla (TSLA 407.76, +5.77, +1.44%) and NVIDIA (NVDA 189.92, +3.06, +1.64%) are among the standouts as six of the "magnificent seven" names trade higher. 

Six total S&P 500 sectors hold gains following an improvement in breadth figures that now sees decliners outpace advancers by a roughly 3-to-2 ratio on the NYSE and a roughly 5-to-3 ratio on the Nasdaq. Decliners held a greater than 2-to-1 advantage on both exchanges earlier in the session. 

The Russell 2000 (+0.1%) and S&P Mid Cap 400 (-0.1%) also display notable improvements from previous levels as the rebound effort expands across the broader market.