Stock Market Update

[BRIEFING.COM] The mega-cap stocks found their stride again and the major indices have stabilized at higher levels, fortified by that leadership. The Vanguard Mega-Cap Growth ETF (MGK) is up 0.4%, led by NVIDIA (NVDA 120.55, +4.29, +3.7%).

There hasn't been a specific news catalyst to account for their turnaround. The price action alone (buy the dip) has been enough of a catalyst to push them into a mode of outperformance. Their resilience to selling pressure, after they have already made a big run, has had the capacity to fuel a fear-of-missing-out trade that has pushed them higher.

Regardless, their turn has been instrumental in lifting the market-cap weighted S&P 500 and Nasdaq Composite.

The equal-weighted S&P 500, which had been outperforming the market-cap weighted S&P 500 earlier, has reversed roles but remains fractionally higher for the session.