Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.2%), and DJIA (+0.4%) hold modest gains just before midday amid a relatively quiet Friday session.

The major averages have largely followed the performance of tech stocks this morning, with the information technology sector (+0.8%), which has made its way back near earlier session highs after ceding roughly half of its opening gain. Semiconductor stocks add support, with the PHLX Semiconductor Index (+1.1%) firmly higher, Microsoft (MSFT 514.18, +16.25, +3.26%) is a mega-cap and DJIA standout.

There is some relative strength in the industrials sector (+0.5%) as semiconductor-linked names outperform, while action is underwhelming elsewhere as nine S&P 500 sectors trade at or below their baselines.

The energy sector (-0.5%) is a laggard as crude oil is down of the day, though it has taken back a chunk of its earlier weakness, now down just $0.57 (-0.6%) to $94.04 per barrel. Elsewhere, the communication services sector (-0.5%) is firmly lower as Meta Platforms (META 749.36, -28.23, -3.63%) impressive Muse-launch rally finally takes a breather.

The S&P Mid Cap 400 (flat) and Russell 2000 (-0.1%) are little changed, mirroring muted action across Treasuries today.