Stock Market Update

[BRIEFING.COM] While the S&P 500 (-0.2%), Nasdaq Composite (-0.3%), and DJIA (-0.1%) currently sit little changed from their flat lines, the stock market has actually seen some notable swings in the first half of today's action. 

The major averages all traded more than 0.5% as mega-cap and tech stocks faced considerable pressure at the open. Though software stocks have seen little relief, as evidenced by a 2.8% loss in the iShares GS Software ETF (IGV), the broader tech sector and mega-cap space are significantly improved from earlier levels. 

The information technology sector (+0.2%) sits in slightly positive territory after trading nearly 1.0% lower this morning. Chipmakers have erased the bulk of their early deficits, with the PHLX Semiconductor Index (-0.2%) just modestly lower after facing a loss of nearly 2.5%. 

Apple (AAPL 261.69, +5.91, +2.31%) is also a mega-cap standout ahead of new potential product launches on March 4. The Vanguard Mega Cap Growth ETF (-0.2%) has shed the majority of its early weakness.

Meanwhile, considerable pressure in Tesla (TSLA 404.73, -12.71, -3.04%) has the consumer discretionary sector (-0.8%) off of its session highs. 

The sector also houses both the best and worst performing S&P 500 components today. Norwegian Cruise Line (NCLH 24.18, +2.69, +12.52%) trades sharply higher after Elliott Investment Management disclosed a roughly 10% stake, while Genuine Parts (GPC 127.95, -19.21, -13.05%) sinks after an earnigns miss. 

General Mills (GIS 44.24, -4.10, -8.48%) is another notable laggard after lowering its FY26 outlook, weighing on the consumer staples sector (-1.8%) amid a rough day for the sector after HHS Secretary Kennedy said on 60 Minutes that ultra-processed foods are responsible for the country's obesity problems.

Meanwhile, the energy (-1.8%) and materials (-1.2%) sectors retreat amid falling precious metal and oil prices today. 

Elsewhere, the financials sector (+0.8%) holds the widest gain as insurance and financial services names garner some buying support following pronounced weakness amid fears of AI disruption.

Outside of the S&P 500, the Russell 2000 (-0.3%) and S&P Mid Cap 400 (-0.2%) hold modest losses similar to that of the major averages after recovering from this morning's pronounced weakness. 

While stocks are much improved from session lows this morning, their current sideways drift suggests a sense of caution as investors weigh selective dip-buying interest against lingering uncertainty around near-term growth and sector-specific risks

Reviewing today's data:

• February Empire State Manufacturing 7.1 (Briefing.com consensus 7.1); Prior 7.7
• February NAHB Housing Market Index 36 (Briefing.com consensus 38); Prior 37