Stock Market Update

[BRIEFING.COM] Stocks are mixed just before midday as a rebound in tech names balances out weakness in the broader market following the release of more discouraging inflation data. The Nasdaq Composite (+0.7%) is outperforming as tech and mega-cap names gain traction, while the S&P 500 (+0.2%) sits modestly higher, and the DJIA (-0.4%) lags.

Semiconductor stocks are making a nice rebound from yesterday's lows, with the PHLX Semiconductor Index (+2.0%) taking back the entirety of yesterday's losses and then some.

Elsewhere, the communication services sector (+1.4%) holds the widest gain due to a solid showing from Alphabet (GOOG 393.86, +10.04, +2.62%). The Vanguard Mega Cap Growth ETF is up 0.5%.

Strength is mixed in the broader market, with six S&P 500 sectors trading lower. Oil is moving higher again today, which pressures select names, though the market has largely shaken off its opening weakness that followed a hotter-than-expected April PPI (1.4%; Briefing.com consensus 0.4%) and Core PPI (1.0%; Briefing.com consensus 0.3%) print.

Outside of the S&P 500, the Russell 2000 (-0.3%) and S&P Mid Cap 400 (-0.3%) are modestly lower, though are also improved from their opening levels.