Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (flat), and DJIA (+0.2%) continue to oscillate around their flat lines, moving in tandem with changes to the top-weighted information technology sector (-0.3%). 

Most of the sectors' components trade higher, with software names finally seeing some reprieve, sending the iShares GS Software ETF (IGV) 1.8% higher. Chipmaker names are also faring relatively well, with the PHLX Semiconductor Index up 0.7%. 

On the earnings front, Applied Materials (AMAT 364.21, +35.82, +10.91%) is one of the top-performing S&P 500 names today, reaching new all-time highs following its blowout Q1 (Jan) results and particularly bullish outlook. The semi-cap equipment supplier delivered its largest EPS beat in two years, while revenue fell a better-than-expected 2.1% year-over-year to $7.01 billion. Looking ahead, AMAT's upside Q2 guide of EPS of $2.44-2.84 and revenue of $7.15-8.15 billion implies a return to year-over-year growth and a clear reacceleration.

However, some weakness across the sector's largest components hold it back from a gain. NVIDIA (NVDA 183.39, -3.55, -1.90%) is a "mag seven" laggard, while Apple (AAPL 259.60, -2.13, -0.81%) and Microsoft (MSFT 400.22, -1.62, -0.40%) also trade lower.