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| Dow | 47379.60 | +392.71 | (0.84%) |
| Nasdaq | 23127.92 | +123.37 | (0.54%) |
| SP 500 | 6795.93 | +67.14 | (1.00%) |
| 10-yr Note | |||
| NYSE | Adv 1623 | Dec 980 | Vol 312.65 mln |
| Nasdaq | Adv 2007 | Dec 1517 | Vol 4.98 bln |
| Strong: Information Technology, Communication Services, Consumer Discretionary |
| Weak: Consumer Staples, Real Estate, Industrials, Utilities |
Markets rally as the Senate passes a procedural vote to end the government shutdown Solid mega-cap leadership as investors look to buy last week's dip |
[BRIEFING.COM] The major averages are back near session highs at midday following an uptick in sector strength.
The health care sector (+0.2%) is putting up a flattish performance today despite its largest component, Eli Lilly (LLY 968.95, +44.58, +4.82%), expanding upon last week's gain. LLY's stock moved higher after announcing, alongside President Trump, that the company will provide most-favored nation drug pricing for their weight-loss drugs.
Meanwhile, managed care names such as Molina Healthcare (MOH 142.20, -9.86, -6.49%) and Centene (CNC 34.34, -3.22, -8.57%) are sharply lower after The Wall Street Journal reported Senate Republicans and President Trump have made a healthcare counteroffer that redirects Obamacare subsidies from health insurance companies to individuals.
[BRIEFING.COM] The stock market opened to broad-based gains and strong mega-cap leadership, helping the major averages take back a chunk of last week's losses shortly after the open.
Sector strength has deteriorated since the open, sending the DJIA (-0.1%) to its flatline, while the S&P 500 (+0.8%) and Nasdaq Composite (+1.4%) remain higher due to outsized gains across the mega-caps today.
Five sectors trade in positive territory, though gains are widest in the information technology (+1.7%), communication services (+1.7%), and consumer discretionary (+1.0%) sectors.
The Vanguard Mega Cap Growth ETF (+1.6%) outperforms the broader market, while the S&P 500 Equal Weighted Index (-0.2%) notably lags the market-weighted S&P 500 (+0.7%).
The market's early risk-on disposition has cooled some since the open, with the Russell 2000 (+0.5%) ceding over half of its early gain as a result. Meanwhile, the S&P Mid Cap 400 (-0.2%) slips into negative territory after an early gain.
For the time being, the mega-caps still hold solid enough gains to sustain an index-level advance, though they too are well off their session highs.
[BRIEFING.COM] The S&P 500 (+0.8%) and Nasdaq Composite (+1.3%) maintain their gains, while the DJIA returns to its flat line as seven S&P 500 sectors now trade lower.
In stock-specific news, Papa John's (PZZA 45.81, +4.73, +11.51%) is nearing a deal to go private at $65.00 per share, according to ABC News UK.
In Washington, President Trump said in a Truth Social post that air traffic controllers who did not take time off during the shutdown will receive a $10,000 bonus. The president urged controllers to get back to work now, and noted that those who do not will be "docked."
United Airlines (UAL 95.67, -1.76, -1.81%) and Delta Air Lines (DAL 58.12, -0.76, -1.29%) both trade lower today, contributing to weakness in the industrials (-0.4%) sector.
[BRIEFING.COM] The S&P 500 (+1.1%), Nasdaq Composite (+2.1%), and DJIA (+0.4%) maintain their opening gains as mega-cap strength and optimism around an end to the government shutdown continue to buoy the market.
House Speaker Mike Johnson said he thinks he has the votes to pass the government funding deal in the House and urges members to begin making plans to return to Washington.
The information technology sector (+2.5%) now holds the widest gain, with strong support coming from its semiconductor components, as the PHLX Semiconductor Index trades 2.9% higher.
Micron (MU 255.45, +17.53, +7.37%) is a standout both in the sector and beyond. The stock is up 14.1% this month, with today's gains adding to last week's rally that followed reports that SK Hynix is aiming to increase HBM4 supply prices by 50%
[BRIEFING.COM] The stock market opened to solid gains, with strong mega-cap and tech leadership pushing the Nasdaq Composite (+2.0%) out to an early advantage over the S&P 500 (+1.2%) and the DJIA (+0.3%).
The Vanguard Mega Cap Growth ETF is up 2.0% as investors seek to capitalize on weakness from the previous week.
Seven S&P 500 sectors trade in positive territory, with the communication services (+2.3%), information technology (+2.2%), and consumer discretionary (+1.2%) sectors out ahead of the pack.
Alphabet (GOOG 290.00, +10.30, +3.68%) and NVIDIA (NVDA 195.06, +6.91, +3.67%) are early standouts, though all of the "magnificent seven" names hold gains wider than 1.0%.
Meanwhile, the energy (-0.8%), consumer staples (-0.6%), and real estate (-0.2%) sectors face some early pressure as investors look to more growth-oriented prospects today. That sentiment works in favor of the small-cap Russell 2000 (+1.1%), which outperforms in the early going.