Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.7%), and DJIA (-0.8%) trade in a stable range near session lows just before midday.

Strength in the broader market is mixed, with four S&P 500 sectors trading lower. That somewhat belies the relatively weak participation under the surface, as decliners outpace advancers by a greater than 2-to-1 ratio on both the NYSE and the Nasdaq.

The information technology sector (-1.1%) is one of today's underperformers, which weighs on the major averages. Software stocks are seeing an extension of yesterday's slide, and while the PHLX Semiconductor Index (+1.3%) has reversed its earlier loss, NVIDIA (NVDA 216.03, -6.79, -3.05%) still provides poor leadership. Other mega-cap names are also under pressure, with five of the "magnificent seven" stocks trading lower, weighing on the consumer discretionary (-0.7%) and communication services (-0.4%) sectors, and pushing the Vanguard Mega Cap Growth ETF 0.8% lower.

Elsewhere, the financials sector (-1.7%) holds the widest loss, with payment platform names such as Global Payments (GPN 65.29, -8.74, -11.81%) moving sharply lower.

Outside of the S&P 500, the Russell 2000 (-0.9%) underperforms, while the S&P Mid Cap 400 (+0.1%) trades slightly higher.