Stock Market Update
16-Apr-26 10:00 ET
Major averages modestly lower as mega-cap momentum stalls
Dow -38.91
at 48424.81,
Nasdaq -104.39
at 23911.63,
S&P -11.23
at 6938.72
[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.4%), and DJIA (-0.1%) are modestly lower shortly after the open, though opening gains pushed the S&P 500 and Nasdaq Composite to fresh record intraday highs.
Mega-cap tech has seen some of its previous momentum modestly stalled. The consumer discretionary sector (-1.0%) retreats with Tesla (TSLA 385.07, -6.88, -1.76%) and Amazon (AMZN 245.19, -3.31, -1.33%) moving lower, and the Vanguard Mega Cap Growth ETF (-0.4%) is down modestly.
The information technology sector (-0.4%) is also off to a weaker start. Software names continue to trade higher, with the iShares GS Software ETF up 0.9%, but relative weakness across chipmaker names pushes the PHLX Semiconductor Index 0.5% lower.
However, there is some rotational interest across the broader market that largely sat out yesterday's rally.
The consumer staples sector (+0.7%) is rebounding from recent weakness, with PepsiCo (PEP 157.70, +2.86, +1.84%) trading higher after topping earnings estimates and reaffirming its FY26 guidance.
The materials sector (+0.7%) is also bouncing back from a weaker showing yesterday, with particular strength across chemical names.
Meanwhile, the energy sector (+1.5%) holds the widest gain as crude oil trades $2.15 (+2.4%) higher at $90.28 per barrel.
