Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.5%), and DJIA (-0.3%) trade mostly higher this morning, though the S&P 500 has run into some resistance near its all-time high level.

Strength is limited to just a few sectors, though the top-weighted information technology sector (+0.8%) is helping offset the broader weakness.

Software stocks are resuming their recent rally after a more subdued showing yesterday that followed several sessions of sharp gains. Datadog (DDOG 118.54, +7.98, +7.21%) and ServiceNow (NOW 93.42, +5.62, +6.41%) are among the top-performing S&P 500 components, Microsoft (MSFT 403.54, +10.43, +2.65%) is an early mega-cap standout, and the iShares GS Software ETF is up 2.8%.

NVIDIA (NVDA 198.37, +1.86, +0.95%) and Broadcom (AVGO 395.97, +15.19, +3.99%) also trade higher despite relative weakness across chipmaker names.

Mega-cap stocks are waking up from a mixed opening, which pushes the consumer discretionary (+0.3%) and communication services (+0.3%) sectors into modestly positive territory as well.The Vanguard Mega Cap Growth ETF is up 0.8%

The financials sector (+0.4%) also holds a gain, with Morgan Stanley (MS 191.00, +7.66, +4.18%) trading sharply higher after topping earnings estimates this morning.

Losses are widening elsewhere, with the energy sector (0.6%) trading lower as crude oil hovers around the $91 per barrel mark, while the materials (-1.0%), consumer staples (-1.0%), and utilities (-0.6%) sectors face a continuation of recent weakness.

Just released, the NAHB Housing Market Index contracted to 34 in April (Briefing.com consensus 38) from a prior reading of 38.