Tech sector lifted by Microsoft and the semiconductor stocks
The S&P 500 is down 0.5% while the information technology sector (+0.2%) trades slightly higher, even as interest rates creep higher. The 10-yr yield is up four basis points to 1.75%. Growth stocks as a whole, however, are trading lower with the broader market. The tech sector in particular is receiving strong support from Microsoft (MSFT 306.70, +1.82, +0.6%), NVIDIA (NVDA 268.15, +2.47, +0.9%), and Qualcomm (QCOM 187.64, +3.75, +2.0%). Semiconductor stocks are generally trading higher in a delayed appreciation for Taiwan Semi's (TSM 142.90, +3.73, +2.7%) positive earnings report and upbeat guidance yesterday. The Philadelphia Semiconductor Index is up 1.2%. The Russell 3000 Growth Index is down 0.8%.