Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.6%), and DJIA (+0.1%) are modestly higher this morning as a rebound in semiconductor stocks and relatively broad strength following the June CPI report help outweigh rising oil prices.

Seven S&P 500 sectors trade higher, with the materials sector (+1.5%) the early standout, supported by a nice bump in precious metals prices this morning. The financials sector (+1.1%) is another outperformer following an impressive round of earnings reports from major banking names, with Goldman Sachs (GS 1120.19, +74.28, +7.10%) sharply higher after a sizable beat.

The top-weighted information technology sector (+0.6%) is also recovering a chunk of yesterday's loss as the PHLX Semiconductor Index (+2.6%) takes back just over half of its previous weakness. However, the gains are tempered by weakness across some of the market's largest software names, while IBM (IBM 222.50, -67.73, -23.34%) plummets after issuing downside guidance.

On the energy front, crude oil is up $1.76 (+2.3%) to $79.88 per barrel, while there are modest losses across some oil-sensitive and rate-sensitive stocks, this morning's June CPI print (-0.4%, Briefing.com consensus -0.1%) is easing some of that pressure by sending Treasury yields lower across the curve.

The health care sector (-1.7%) remains the only S&P 500 sector with a loss wider than 0.4%.