Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.1%), Nasdaq Composite (-1.4%), and DJIA (-1.0%) are slightly improved from their worst levels this morning, though they remain firmly lower. 

Similar to recent sessions, though the information technology sector (-1.7%) is at the bottom of today's leaderboard, memory storage names are once again posting solid gains. Bloomberg reported that Micron (MU 366.14, +3.39, +0.93%) Executive Vice President of Operations Manish Bhatia said in an interview that the shortage of memorey chips is "unprecedented" and will last past 2026. 

Sandisk (SNDK 440.92, +27.30, +6.60%) is the best-performing S&P 500 name today, while Western Digital (WDC 227.80, +6.30, +2.84%) and Seagate Tech (STX 332.11, +5.88, +1.80%) also trade higher. 

The PHLX Semiconductor Index is down just 0.3% despite the weakness in the broader technology sector.