Stock Market Update

[BRIEFING.COM] Stocks are off to a somewhat quiet start to the final session of the week, with the S&P 500 (+0.1%), Nasdaq Composite (+0.4%), and DJIA (-0.3%) sitting mostly higher amid mixed strength in the broader market.

Geopolitical headlines are quieter this morning ahead of weekend discussions between the U.S. and Iran, keeping oil prices tame near the $98 per barrel mark.

The top-weighted information technology sector (+0.6%) contributes to the outperformance of the Nasdaq Composite as semiconductor names see an extension of recent strength, with the PHLX Semiconductor Index up 2.7%. Taiwan Semiconductor Manufacturing (TSM 376.98, +11.49, +3.14%) reported March and Q1 revenues above consensus, while select chipmakers such as Super Micro Computer (SMCI 24.96, +1.74, +7.49%), Broadcom (AVGO 370.47, +15.56, +4.38%), and Advanced Micro Devices (AMD 246.81, +10.17, +4.30%) occupy some of the top spots on the S&P 500 leaderboard.

Similar to yesterday's session, software names such as ServiceNow (NOW 83.75, -6.06, -6.75%) and Palo Alto Networks (PANW 155.04, -11.96, -7.16%) occupy the bottom spots, sending the iShares GS Software ETF 2.8% lower.

The materials sector (+0.9%) holds a similar gain while gains elsewhere are limited to 0.5% or narrower. Losses are also relatively modest with the exception of the financials sector (-1.2%), which faces pressure across nearly all of its components and particular weakness in insurance names such as Aon (AON 315.88, -9.52, -2.93%) and asset managers such as Ares Management (ARES 101.52, -3.28, -3.13%).

Just released, the preliminary reading of the University of Michigan Consumer Sentiment for April fell to 47.6 (Briefing.com consensus: 52.0) from the final March reading of 53.3.

Factory orders were flat month-over-month in February (Briefing.com consensus 0.5%) following a downwardly revised flat reading (from 0.1%) in January.