Stock Market Update

[BRIEFING.COM] The major averages have spent the past 30 minutes in a steady rise off their opening lows, making for a continuation of their recent show of resilience. The S&P 500 has narrowed its opening loss to 0.3%.

The top-weighted technology sector (-0.2%) started the day just behind the broader market, but it has been at the forefront of the comeback effort with chipmakers leading the move. The PHLX Semiconductor Index is up 0.4%, extending this week's gain 3.5% versus a 0.7% gain for the S&P 500 and a 1.4% week-to-date advance for the technology sector. This makes for a continuation of a strong start to June, with the Index now up 11.2% for the month.

More than half of the components of the SOX index trade in the green with AMD (AMD 129.98, +3.59, +2.8%) leading the way, continuing yesterday's big rally, which followed CNBC speculation that the company is in line to receive a big order from Amazon's (AMZN 216.63, +0.53, +0.3%) AWS. Today, however, CNBC said that AWS is not aware of any new customer orders, but an AMD spokesperson said that orders "will come in due time." With today's gain, AMD is now within a point of its 2025 high from early January.