Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (flat), and DJIA (+0.1%) are little changed shortly after the open, as early momentum in technology stocks fades and mixed performances elsewhere leave the broader market without a clear direction.

The major averages once again opened to a tech led advance, though the PHLX Semiconductor Index (+0.6%) and the information technology sector (+0.6%) have both given up much of their early gains. Memory names such as Micron (MU 974.82, +46.06, +4.96%) and Sandisk (SNDK 1368.02, +63.18, +4.84%) are among the outperformers after a strong earnings report from SK hynix Inc. (SKHY 161.13, +15.77, +10.85%).

Despite the subdued showing in mega-cap and tech stocks, Alphabet (GOOG 320.59, +3.76, +1.19%) remains a standout ahead of its earnings release after the close, keeping the communication services sector (+0.4%) in positive territory.

Meanwhile, the health care sector (+0.5%) has reversed an opening loss to hold the widest gain among S&P 500 sectors, supported by a strong post-earnings showing from GE HealthCare (GEHC 76.17, +5.06, +7.11%) and a rebound in Moderna (MRNA 215.50, +7.54, +3.62%) after considerable recent weakness. The strength in health care names does not yet extend to other defensive sectors, as the utilities (-0.6%) and consumer staples (-0.4%) sectors remain lower. The real estate sector (-1.2%) continues to struggle this week.