Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.9%), and DJIA (-0.3%) sit mostly higher as semiconductor stocks garner relatively strong buy-the-dip interest this morning while the broader market leans mostly lower.

The information technology sector (+1.8%) is the early leader, buoyed by sharp gains across chipmakers such as Advanced Micro Devices (AMD 562.02, +44.20, +8.54%), memory names such as Western Digital (WDC 591.36, +52.36, +9.72%), and a host of other semiconductor-related stocks. The PHLX Semiconductor Index is up 4.4%.

True to recent form, the industrials sector (+1.1%) also outperforms, as electrical product names and other stocks of companies deemed necessary for the AI buildout cycle garner buying interest alongside semiconductor stocks.

Strength is limited elsewhere, with just the energy (+0.4%) and financials (+0.1%) sectors holding slight gains.

Meanwhile, seven S&P 500 sectors trade lower, with particular weakness across more defensive-oriented sectors as momentum returns to semiconductor stocks. The health care (-2.0%) and consumer staples (-1.4%) have given up the bulk of Friday's gains.

Just released, the ISM Services PMI decreased to 54.0% in June (Briefing.com consensus 54.2%) from 54.5% in May.

The final reading of the S&P Global U.S. Services PMI registered at 51.2, down from the previous reading of 51.3.