Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.3%), and DJIA (+0.5%) are mixed just before midday as semiconductor stocks face another relatively sharp retreat against a backdrop of broad strength.

The PHLX Semiconductor Index is down 2.7% as NVIDIA (NVDA 225.80, -3.48, -1.52%) and a host of other high-profile semiconductor stocks weigh on the information technology sector (-1.1%).

Weakness across mega-cap stocks is not ubiquitous, however, as Apple (AAPL 339.56, +2.92, +0.87%) trades higher while Meta Platforms (META 747.50, +28.83, +4.01%) and Alphabet (GOOG 350.84, +2.98, +0.86%) lead the communication services sector (+1.6%) to a firm gain.

Nine total S&P 500 sectors trade higher, with the energy sector (+1.4%) another outperformer as crude oil rises following escalating conflict between Saudi Arabia and Houthi forces, which President Trump said the U.S. could become involved in.

Higher crude oil prices are weighing on the consumer discretionary sector (-0.4%), although their impact on the broader market remains relatively limited, with most sectors trading higher.

Outside the S&P 500, the Russell 2000 (-0.2%) and S&P Mid Cap 400 (-0.1%) are both modestly lower.