Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (-0.3%), and DJIA (+1.7%) are mostly higher just before midday, with broad strength helping pare a sharp retreat across tech names at the index level.

The major averages were mostly lower for much of the morning as Broadcom (AVGO 414.13, -65.10, -13.58%), Ciena (CIEN 499.33, -121.04, -19.51%), and CrowdStrike (CRWD 696.32, -51.29, -6.86%) slid after reporting earnings, with the weakness prompting some selling across the broader tech space.

The information technology sector (-1.8%) remains the weakest S&P 500 sector, but it has taken back a decent chunk of its early loss. The PHLX Semiconductor Index (-2.8%) is a focal point of the profit-taking, but it too has considerably improved after holding a loss that approached 6%.

Meanwhile, broader participation is stellar as investors rotate into other pockets of the market. Nine S&P 500 sectors trade higher, and advancers outpace decliners by a greater than 2-to-1 ratio on both the NYSE and the Nasdaq.

Outside of the S&P 500, the Russell 2000 (+1.4%) and S&P Mid Cap 400 (+0.6%) also garner some rotational interest, with lower Treasury yields providing additional support.