Stock Market Update

[BRIEFING.COM] After a nice opening rally, the major averages now trade lower, with the S&P 500 (-0.4%), Nasdaq Composite (-0.2%), and DJIA (-0.5%) all beneath their baselines. 

Sector strength has weakened since the open, as the financials (-1.3%), energy (-1.2%), industrials (-0.8%), utilities (-0.8%), and information technology (-0.5%) hold losses.

Within the technology sector, Broadcom (AVGO 336.66, +30.56, +9.98%) holds a nice gain after delivering a strong Q3 (July) earnings report, fueled by accelerating AI semiconductor growth and bullish long-term commentary. The company topped EPS and revenue expectations and guided Q4 (Oct) revenue above consensus.

Broadcom's stellar report is having a negative effect on several notable competitors, as NVIDIA (NVDA 164.76, -6.90, -4.02%) and Advanced Micro Devices (AMD 150.64, -11.15, -6.89%) trade lower after Broadcom disclosed AI customer wins.

The PHLX Semiconductor Index still holds a 0.8% gain today after entering the session flat for the week.