Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.7%), and DJIA (+0.2%) are mixed just before midday as another retreat across semiconductor stocks overshadows strength in the broader market as oil prices and Treasury yields move lower.

The information technology sector (-1.6%) is firmly lower as the PHLX Semiconductor Index (-3.8%) remains under pressure. After the index shed 20% in July, semiconductor stocks got off to a hot start in August, though pronounced weakness in recent sessions now has the index in slightly negative month-to-date territory.

The energy sector (-1.3%) is the next worst performer, though the $2.08 (-2.4%) retreat in crude oil to $85.00 per barrel has boosted the broader market ahead of Treasury Secretary Scott Bessent's afternoon press conference on sanctions against Iran.

Strength is not quite as broad as it was at the open, but six S&P 500 sectors remain higher with some solid gains in the mix. The consumer staples (+1.5%), financials (+1.3%), and communication services (+1.2%) sectors are the top movers, and the S&P 500 Equal Weighted Index (flat) is outperforming the market-weighted S&P 500.

Though Treasury yields are moving lower in tandem with oil prices, the Russell 2000 (-0.5%) and S&P Mid Cap 400 (-0.7%) hold losses similar to those of the major averages.