Stock Market Update

[BRIEFING.COM] The stock market remains poised for a mostly lower opening as prominent tech names retreat after the latest batch of earnings reports. The S&P 500 (-0.2%), Nasdaq Composite (-1.0%), and DJIA (+1.5%) are mixed shortly after the open as the latest round of earnings reports acts as a catalyst for selling across tech names, while the broader market garners some rotational buying interest.

The top-weighted information technology sector (-2.7%) is sharply lower this morning, with a 5.6% slide in the PHLX Semiconductor Index following Broadcom's (AVGO 405.87, -73.36, -15.31%) earnings release.

The energy sector (-0.4%) is the only other S&P 500 sector that trades lower this morning as crude oil steepens its retreat.

Meanwhile, nine S&P 500 sectors trade higher, with six holding gains of 1.0% or wider.

The health care (+3.2%) and financials (+2.4%) sectors are among the early standouts, with names such as UnitedHealth (UNH 398.41, +21.41, +5.68%), Merck (MRK 119.78, +5.08, +4.43%), and American Express (AXP 313.26, +12.69, +4.22%) contributing to the Dow's outperformance.