Stock Market Update

[BRIEFING.COM] The stock market trades a bit above its low that was reached in the wake of a Financial Times report that OpenAI is on track to come up short with its annual revenue by a big margin. As a result, relative weakness in the Nasdaq (-1.3%) has returned the tech-heavy index to little changed for the week while the S&P 500 (-0.6%) has narrowed this week's gain to 0.5%.

Six sectors hold gains at this juncture with today's leaders—consumer staples (+2.0%) and energy (+3.0%)—also holding this week's lead. The two sectors are up a respective 3.7% and 3.9% for the week while the utilities sector (-0.6%; +2.7% week-to-date) is the only other group with a week-to-date gain of more than 1.2%.

On the downside, the technology sector (-1.7%) is today's worst performer, turning negative for the week (-0.5%), largely due to a poor showing from chip-related names. The PHLX Semiconductor Index is down 3.0% today and down 3.5% since last Friday.