Stock Market Update

[BRIEFING.COM] The major averages continue to build on their opening gains, with the S&P 500 up 0.5%.

The top-weighted technology sector (+0.6%) trades in line with the broader market, but chip stocks continue to outperform as the PHLX Semiconductor Index is up 0.8% (+7.2% week-to-date), bolstered by a Reuters report that President Trump is preparing executive orders to support the growth of AI by addressing the energy demands associated with data centers. 

The final University of Michigan Index of Consumer Sentiment for June edged up to 60.7 (Briefing.com consensus 60.5) from the preliminary reading of 60.5. The final reading for May was 52.2. In the same period a year ago, the index stood at 68.2.

The key takeaway from the report is that the June survey showed overall improvement in current sentiment, aided by an improved view of personal finances, business conditions, and the inflation outlook that followed the pause on the reciprocal tariff rates (which is due to expire July 9) and the ensuing stock market rally.