Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.34%) is in second place on Monday afternoon, up about 22 points.

Briefly, S&P 500 constituents Seagate Tech (STX 454.53, +25.17, +5.86%), VeriSign (VRSN 273.54, +13.69, +5.27%), and Starbucks (SBUX 94.27, +3.90, +4.32%) pepper the top of the standings. STX rises after Morgan Stanley made it a Top Pick and raised the price target to $582, citing strong HDD demand, supply tightness, and improving market conditions, while SBUX moves higher after finalizing a joint venture with Boyu Capital giving the firm a 60% stake in China operations, aiming to expand its footprint and grow to 20,000 locations over time.

Meanwhile, Invesco (IVZ 22.83, -1.30, -5.41%) is near the bottom of the average, dipping after BlackRock (BLK 961.58, -4.98, -0.52%) filed to launch a Nasdaq 100 ETF, raising concerns about increased competition and potential fund outflows. The stock also broke below its 200-day moving average, adding technical selling pressure.