Stock Market Update

[BRIEFING.COM] The major averages have dipped from their opening highs and into negative territory for the session. 

The information technology sector currently posts a loss of 0.3%, as chip stocks such as Advanced Micro Devices (AMD 157.01, -3.40, -2.1%) and top-component NVIDIA (NVDA 172.14, -0.86, -0.49%) face some early pressure. 

The preliminary University of Michigan Consumer Sentiment Index for July edged higher to 61.8 (Briefing.com consensus: 61.5) from the final reading of 60.7 for June, hitting its highest level in five months. In the same period a year ago, the index stood at 66.4.

The key takeaway from the report is that consumer sentiment, while not strong, has improved in recent months along with inflation expectations.