Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (+0.4%) trade mixed shortly before midday as profit-taking across semiconductor names offsets continued strength in the broader market tied to falling oil prices.

The PHLX Semiconductor Index is down 2.4% following yesterday's 5.5% surge. Micron (MU 898.70, +2.82, +0.31%) is defending its flatline after a premarket gain of nearly 10%, while NVIDIA (NVDA 209.76, -5.10, -2.37%) trades firmly lower and Qualcomm (QCOM 225.16, -23.66, -9.51%) is among the worst-performing S&P 500 components.

The information technology sector is down 1.0%.

Elsewhere, sector losses remain modest outside of the energy sector (-1.2%), which is pressured by another slide in crude oil prices. WTI crude oil is down $3.18 (-3.4%) to $90.71 per barrel after conflicting reports surrounding a memorandum of understanding between the U.S. and Iran.

Lower oil prices continue to support oil- and rate-sensitive groups such as airlines, cruise lines, and homebuilders, helping the consumer discretionary sector (+2.0%) lead the seven S&P 500 sectors trade higher.

For now, stocks are drifting in a relatively stable range as news flow quiets and investors digest yesterday's sharp semiconductor rally.