Stock Market Update
17-Jun-26 11:25 ET
Major averages tread water ahead of FOMC decision
Dow +165.02
at 52164.69,
Nasdaq -49.76
at 26347.57,
S&P -5.39
at 7505.96
[BRIEFING.COM] The stock market has seen relatively muted action ahead of this afternoon's FOMC meeting, with the S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (+0.3%) spending the session near their unchanged levels.
The underperformance of the S&P 500 and Nasdaq Composite belies the fact that tech stocks are actually rebounding nicely from yesterday's slide. The information technology sector is up 0.7%, supported by a 3.2% gain in the PHLX Semiconductor Index.
However, the rebound across semiconductor names has not resulted in a full-on mega-cap rally. The Vanguard Mega Cap Growth ETF is down 0.2% as the four "magnificent seven" stocks outside the information technology sector trade lower, weighing on the communication services (-2.3%) and consumer discretionary (-1.3%) sectors, as well as the major averages.
Meanwhile, the DJIA has notched fresh all-time highs as its components in cyclical sectors such as the financials (+0.6%) and industrials (+0.8%) continue to outperform.
The Russell 2000 (+0.7%) and S&P Mid Cap 400 (+0.4%) also move higher after underperforming yesterday.
