Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.1%), and DJIA (-0.1%) have spent the morning oscillating around their flatlines as the market is on track to close the week on a subdued note. 

Sector strength is a nearly even split, with five S&P 500 sectors trading higher, and gains and losses are confined to within 0.9%. 

The top-weighted information technology sector (+0.2%) was an early standout but has since given up the bulk of its opening gains. Semiconductor stocks, however, are continuing their hot streak, pushing the PHLX Semiconductor Index 1.4% higher. Micron (MU 354.00, +17.37, +5.16%) holds a solid gain after breaking ground on a new facility and a considerable insider purchase by its director, while Super Micro Computer (SMCI 32.20, +2.78, +9.45%) is the best-performing S&P 500 name today. 

The real estate sector (+0.9%) holds the widest gain, which keeps it atop the weekly leaderboard with a 3.8% week-to-date gain. 

The industrials sector (+0.7%) holds a similar gain, with power companies such as GE Vernova (GEV 681.89, +39.66, +6.18%) trading higher after the Trump administration's call for big tech companies to fund the development of new plants. 

Elsewhere, the financials sector (+0.6%) continues its late-week rebound effort following more bank earnings, while the energy sector (+0.2%) tracks a rebound in the price of oil. 

As for today's laggards, the materials sector (-0.7%) faces the widest loss. Mosaic (MOS 26.34, -1.24, -4.50%) lags after reporting North American fertilizer demand well below sesonal norms, while the secotr also faces pressure from a slide in precious metals prices today. 

Meanwhile, the communication services (-0.6%) and consumer discretionary services (-0.3%) face losses in the majority of their components, with a sluggish showing from mega-cap stocks unable to mask the weakness. 

Additionally, the defensive consumer staples, health care, and utilities sectors are all down 0.4%. 

In Fed-related developments, Fed Vice Chair for Supervision Bowman (FOMC voter) pushed back against recent pause-friendly rhetoric, saying the Fed should remain ready to adjust policy toward neutral and avoid signaling a pause absent changing conditions. Despite the contrast with other FOMC members, markets made no change to their expected easing timeline. What has shifted is the outlook for Fed leadership. CNBC reported that President Trump signaled he wants National Economic Council Director Mr. Hassett to remain in his current role, boosting prediction-market odds that former Fed Governor Mr. Warsh is now the leading contender to be the next Fed Chair.

Overall, today's trade has been a sideways drift, lacking a catalyst to push the major averages into positive week-to-date territory.

Reviewing today's data:

• December Industrial Production 0.4% (Briefing.com consensus 0.2%); Prior was revised to 0.4% from 0.2%, December Capacity Utilization 76.3% (Briefing.com consensus 76.0%); Prior was revised to 76.1% from 76.0%
  • The key takeaway from the report is that manufacturing output was even better than the headline suggests given the nice upward revision for November. This is consistent with an economy that closed 2025 on a good note, notwithstanding the government shutdown in October.
• January NAHB Housing Market Index 37 vs (Briefing.com consensus 40); Prior 39