Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (+0.1%), and DJIA (-0.1%) are little changed in an opening move that is relatively similar to yesterday's session.

Stocks are mixed, though weakness in semiconductor names continues to hold the major averages back. The PHLX Semiconductor index is down 1.5%, with memory names such as  Micron (MU 946.71, -42.33, -4.28%) among the underperformers amid reports of increased competition from Chinese companies.

The broader information technology sector (+0.1%) is up modestly, however, as the lingering semiconductor weakness does not extend to across all tech and mega-cap names.

Once again, the communication services sector (+1.8%) is at the top of the sector standings as Meta Platforms (META 768.08, +25.12, +3.38%) and Alphabet (GOOG 352.12, +3.15, +0.90%) continue to move higher.

Elsewhere, the energy sector (+1.1%) holds a solid gain as oil moves off its overnight lows, though it remains modestly lower for the session.

Meanwhile, the financials sector (-0.6%) is modestly lower following a mixed batch of earnings reports this morning, with Wells Fargo (WFC 80.46, -2.86, -3.43%) a notable laggard.

Johnson & Johnson (JNJ 250.42, -13.31, -5.05%) is another laggard after earnings, weighing on the health care sector (-1.1%), which is the worst performer so far.

Just released, existing home sales increased to 3.99 million in September (Briefing.com consensus 3.96 million) from a downwardly revised previous level of 3.93 million (from 3.99 million).