Stock Market Update

[BRIEFING.COM] The major averages remain mostly higher as the market enters the final half hour of the session, though only the Nasdaq Composite is on pace for a week-to-date gain.

While semiconductor stocks have provided support to the major averages over the past two sessions, previous weakness leaves the PHLX Semiconductor Index (+1.5%) down 0.5% for the week. Meanwhile, the iShares GS Software ETF (-1.2%) is up 3.0% week to date, helping keep the information technology sector (+0.2%) on pace for a modest weekly gain. This week has highlighted a recent trend of diverging performance between software and semiconductor stocks, with strength frequently rotating between the two groups rather than occurring simultaneously.

Thursday's broad technology rally was a notable exception, as both groups finished higher, while today's relative strength has shifted back toward semiconductors.