Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (-0.3%), and DJIA (+0.4%) sit mostly higher shortly after the open. The broader market leans positive, but a sluggish start for meg-cap and select tech names keeps the Nasdaq Composite pinned below its unchanged level. 

Seven S&P 500 sectors trade higher, with a few solid gains in the mix.

The real estate sector (+1.9%) holds the widest gain, with Equinix (EQIX 987.00, +119.48, +13.77%) being one of the best-performing S&P 500 names after missing earnings estimates but providing solid guidance and raising its dividend.

The utilities (+1.3%), industrials (+1.2%), and consumer staples (+1.0%) sectors also trade nicely higher after solid performances yesterday. 

Meanwhile, the top-weighted information technology sector (-0.4%) is a laggard.

AppLovin (APP 388.00, -68.81, -15.06%) and Cisco (CSCO 77.36, -8.18, -9.56%) are down sharply after earnings. Software stocks are under pressure again, and despite a continuation of yesterday's strength across memory names, the PHLX Semiconductor is flat as it faces weakness elsewhere

Just released, existing home sales decreased 8.4% month-over-month in January to a seasonally adjusted annual rate of 3.91 million (Briefing.com consensus 4.21 million) versus a downwardly revised 4.27 million (from 4.35 million) in December.