Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-1.3%), and DJIA (-0.2%) are lower today as a sharp retreat across semiconductor and other mega-cap technology stocks has turned an otherwise quiet session into a more considerable decline.

The PHLX Semiconductor Index is down 5.6%, weighing heavily on the information technology sector (-2.1%). Memory names such as Sandisk (SNDK 1643.60, -143.24, -8.02%) are particularly weak, giving back some of yesterday's solid gains.

Meanwhile, the defensive health care (+1.6%) and consumer staples (+1.5%) sectors are outperforming amid today's weakness in the momentum trade, with Coca-Cola (KO 88.68, +1.70, +1.95%) and Amgen (AMGN 423.45, +4.07, +0.97%) among the names helping the DJIA outperform the other major averages.

The energy sector (+1.5%) is another standout as oil prices move higher. Treasury yields are relatively stable today but remain elevated, providing another headwind for growth stocks.

Outside the S&P 500, the Russell 2000 (-1.0%) and S&P MidCap 400 (-1.2%) are also firmly lower.