Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-1.1%), and DJIA (+0.1%) sit mostly lower as lingering weakness across tech names weighs against a relatively strong broader market. 

Only four S&P 500 sectors trade lower, though the top-weighted information technology sector (-1.3%) is down sharply again today. Advanced Micro Devices (AMD 211.26, -30.85, -12.74%) trades sharply lower despite topping earnings estimates, pressuring the PHLX Semiconductor Index (-2.0%), while the iShares GS Software ETF (-4.0%) continues to plummet. 

The communication services sector (-1.0%) is also under pressure as Meta Platforms (META 669.90, -21.80, -3.15%) and Alphabet (GOOG 339.10, -1.60, -0.47%) provide weak mega-cap leadership. 

Elsewhere, yesterday's winners are continuing to perform well today. The materials (+1.6%) and energy (+1.3%) sectors both trade higher again as oil and precious metals prices continue to rebound from recent weakness, while the consumer staples sector (+1.2%) is off to another hot start with the vast majority of its components trading higher. 

The final January S&P Global U.S. Services PMI registered at 52.7, up from the prior reading of 52.5. 

Just released, the ISM Services PMI increased to 53.8% in January (Briefing.com consensus 53.7%) from the downwardly revised prior level of 53.7% (from 54.4%) in December.