Stock Market Update

[BRIEFING.COM] The Dow, Nasdaq, and S&P 500 have seen some slippage at the start of today's trading, yet market internals suggest the weakness is a bit of misdirection. Breadth figures favor advancers at the NYSE and Nasdaq, but some losses in the mega-cap space are keeping things in check at the index level.

NVIDIA (NVDA 175.11, -5.06, -2.81%) is the biggest drag in that space, as it succumbs to some additional profit-taking activity following its earnings report (and 34% gain in the three months leading up to its report).

NVIDIA is the primary drag on the S&P 500 information technology sector (-1.42%). Some other key laggards include Dell (DELL 120.85, -13.20, -9.85%), after its earnings report; Super Micro Computer (SMCI 41.80, -2.16, -4.92%), after disclosing it has identified material weaknesses in its internal control over financial reporting; and Oracle (ORCL 230.80, -9.52, -3.96%), which has dropped below its 50-day moving average (237.31).

Just in, the final University of Michigan Consumer Sentiment reading for August checked in at 58.2 (Briefing.com consensus: 58.6) versus the preliminary reading of 58.6 and the final reading of 61.7 for July. In the same period a year ago, the index stood at 67.9.