Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.6%), and DJIA (-0.1%) trade in a relatively stable range as midday approaches.

Strength in mega-cap names quickly lifted the S&P 500 and Nasdaq Composite after the open, while a few pockets of weakness have kept the DJIA near its flatline.

The small-cap Russell 2000 is flat, and the S&P Mid Cap 400 is down 0.3%.

Seven S&P 500 sectors trade in positive territory, led by the information technology sector (+0.7%), the only sector to hold a gain wider than 0.5%. NVIDIA (NVDA 182.80, +4.60, +2.58%) is an early standout, and the broader PHLX Semiconductor Index is up 1.2%.

The energy sector (-1.8%) is the top laggard so far, with crude oil prices slipping after Bloomberg reported that OPEC+ is considering at least a 137,000 barrel per day increase in its output in November. Crude oil has fallen $2.32 to $62.40 per barrel, a decrease of 3.6%

The defensive utilities (-0.3%) and consumer staples (-0.2%) sectors also hold modest losses. 

Strength is relatively mixed elsewhere, with the financials (+0.1%), consumer discretionary (+0.1%), and health care (+0.1%) sectors all oscillating around their flatlines.

It has been a quiet session from a macro development standpoint, as the market continues to be largely unphased by the possibility of a looming government shutdown if a funding deal is not reached this afternoon.