Stock Market Update

[BRIEFING.COM] Stocks opened mostly lower, with weakness in the broader market and a continuation of recent pressure across semiconductors and mega-cap stocks sending the S&P 500 (-0.5%), Nasdaq Composite (-0.7%), and DJIA (-0.4%) lower.

The information technology sector (-0.4%) is modestly lower, having spent the opening half hour oscillating around its baseline. Semiconductor stocks garnered some early buying interest, sending the PHLX Semiconductor Index higher initially, though the gains did not hold and the index is now down 1.2%.

Meanwhile, software names are showing some resilience, with the iShares GS Software ETF up 1.5%

The defensive health care (+0.7%), consumer staples (+0.3%), and utilites (+0.1%), sectors hold modest gains, while the other eight S&P 500 sectors trade at or below their baselines.

The materials sector (-2.4%) holds the widest loss, facing broad pressure and particular weakness across construction names such as Vulcan Materials (VMC 258.63, -7.70, -2.89%) and Martin Marietta (MLM 536.75, -19.03, -3.42%).

The industrials sector (-0.9%) also lags, while weakness across mega-cap names pushes the consumer discretionary (-1.3%) and communication services (-0.9%) sectors lower. The Vanguard Mega Cap Growth ETF is down 0.4% as the market's leaders face an early extension of yesterday's weakness.

Just released, pending home sales increased 1.4% in April (Briefing.com consensus 1.6%), from an upwardly revised prior increase of 1.7% (from 1.5%).