Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (-0.2%), and DJIA (+0.9%) are mixed this morning as tech and mega-cap stocks largely give back yesterday's advance while the broader market is mixed.

The information technology sector (-0.6%) is the early laggard, though the sector and the PHLX Semiconductor Index (-0.8%) are already off their opening lows that saw them breifly cede the entirety of yesterday's gain. AI and data center infrastructure names are off to a weak start amid persistent worries about their aggressive debt-fueled spending.

Mega-cap stocks outside of the information technology sector are also under pressure this morning, with Meta Platforms (META 683.41, -22.03, -3.12%) the notable "Magnificent Seven" laggard, which weighs on the communication services sector (-0.8%).

Strength is mixed elsewhere, with seven S&P 500 sectors holding solid gains and the DJIA firmly in positive territory. The health care (+2.1%), consumer staples (+0.8%), and utilities (+1.2%) sectors are benefitting from a rotation into more defensive-oriented holdings, while the financials (+1.4%) and real estate (+1.2%) sectors benefit from some modest easing across Treasury yields.

This morning's batch of earnings reports is also driving some notable stock-specific moves, with Equifax (EFX 175.61, +17.04, +10.75%) and Northrop Grumman (NOC 546.14, +35.49, +6.95%) among the top-performing S&P 500 components, while General Motors (GM 77.80, -4.95, -5.98%) and GE Aerospace (GE 298.59, -12.69, -4.08%) are among the worst-performing.

Just released, pending home sales decreased 7.3% in September (Briefing.com consensus 0.1%), from a prior increase of 0.3%.