Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.2%), and DJIA (-0.5%) are retreating from their modest opening gains as broad weakness outweighs leadership in tech stocks.

The information technology sector (+0.2%) clings to a modest gain, one of just two S&P 500 sectors that trade higher this morning. The iShares GS Software ETF (IGV 107.81, +1.33, +1.25%) is off to another hot start, with Synopsys (SNPS 490.32, +55.38, +12.73%) among the best-performing S&P 500 components after issuing upside guidance at its investor day.

Semiconductor stocks are also providing support, though the gains are more modest. The PHLX Semiconductor Index is up 0.1%, though Micron (MU 1032.42, -32.69, -3.07%) moves firmly lower despite another impressive beat-and-raise earnings report.

The energy sector (+0.8%) is a standout this morning as crude oil prices creep modestly higher.

Losses across the other nine S&P 500 sectors are widening from their open levels, with the materials sector (-1.4%) holding the widest loss as Corteva (CTVA 12.29, -65.36, -84.17%) plummets after announcing it has successfully spun off its advanced seed and genetics business and will move forward as a leading, pure-play global crop protection company

On the data front, construction spending increased 0.9% month-over-month in July (Briefing.com consensus: 0.3%) following a previous decrease of 0.1%.

The ISM Manufacturing Index decreased to 54.5% in September (Briefing.com consensus: 55.2%) from 54.6% in August.

The final September S&P Global U.S. Manufacturing PMI came in at 55.9, above the Briefing.com consensus of 55.3 but down from the prior reading of 57.0.