Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.1%), and DJIA (flat) are little changed shortly after the open as strength is relatively evenly mixed this morning.

Six S&P 500 sectors trade higher, with the industrials sector (+1.1%) pacing the gains as courier names such as Ferguson Enterprises (FERG 239.29, +6.62, +2.85%) and C.H. Robinson (CHRW 147.82, +4.16, +2.90%) outperform amid another retreat in oil prices.

The materials sector (+0.6%) is another outperformer, while the information technology sector (+0.3%) holds a more modest gain. Several large software stocks such as Oracle (ORCL 149.33, +4.57, +3.16%) and Datadog (DDOG 233.83, +10.84, +4.86%) trade firmly higher, and the iShares Expanded Tech Software ETF (+0.3%) is up modestly, while PHLX Semiconductor Index is flat.

Meanwhile, the health care sector (-0.6%) lags as Moderna (MRNA 151.08, -7.74, -4.88%) continues to see choppy action following last week's triple-digit gain, while the sector's largest component, Eli Lilly (LLY 1205.13, -28.53, -2.31%) , also moves lower.

The communication services sector (-0.5%) holds a similar loss, with Meta Platforms (META 575.32, +5.27, +0.92%) already facing several sharp price swings this morning after reaching a settlement with state attorneys general in a teen social media addiction case.

So far, the market has not reacted strongly to this morning's economic data, which featured mostly in-line inflation readings. The CME FedWatch tool now assigns a 40% probability to a 25-basis-point rate hike at the September FOMC meeting, up from 36% immediately before the release of this morning's data.