Stock Market Update

[BRIEFING.COM] The major averages continue to trade in a stable range this afternoon, supported by broad strength.

Losses at the sector level are limited to the communication services sector (-0.5%), which is the worst-performing S&P 500 sector this week. Much of that weakness can be attributed to an underwhelming performance from Alphabet (GOOG 380.58, -2.89, -0.75%), which has moved into negative month-to-date territory with its recent weakness. Meta Platforms (META 610.83, +3.45, +0.57%), which is also a component of the communication services sector, is the only other "magnificent seven" name that trades lower for the month of May.

Elsewhere in the sector, Take-Two (TTWO 229.01, -9.07, -3.81%) is a laggard after reporting its Q4 (March) results yesterday evening. The company beat on bookings expectations, but guided Q1 EPS below consensus, with FY26 EPS above consensus.