Stock Market Update

[BRIEFING.COM] The stock market advanced on widespread gains today, driven by a mix of trade, macroeconomic, and corporate developments that lifted the major averages throughout the session.

The S&P 500 (+1.1%), Nasdaq Composite (+1.4%), and DJIA (+1.1%) closed just off of their all-time closing levels, with today's gains placing the major averages back at levels last seen before the sharp pullback on October 10.  Meanwhile, the small-cap Russell 2000 (+2.0%) and S&P Mid Cap 400 (+1.2%) also advanced on today's broad strength.

Nine S&P 500 sectors finished the day in positive territory, all of which closed with gains of 1.0% or wider. 

The information technology sector (+1.1%) paced the early gains, boosted by strength in its chipmaker names that saw the PHLX Semiconductor Index close 1.6% higher. Advanced Micro Devices (AMD 240.56, +7.48, +3.21%) traded to a new all-time high, and Super Micro Computer (SMCI 55.04, +2.86, +5.48%) captured one of the widest gains across the S&P 500. 

Apple (AAPL 262.24, +9.95, +3.94%) provided the sector with strong leadership, moving higher after reports of solid iPhone 17 sales in the U.S. and China. Loop Capital upgraded the stock to Buy from Hold with a $315 target, while Evercore ISI added the stock to its Tactical Outperform list.

The financials sector (+1.2%) was another top performer today. Robinhood Markets (HOOD 135.80, +5.89, +4.53%) traded higher, with CNBC reporting that a handful of large investors increased their stakes.

Regional banking names performed well, with investors seemingly reassured that recent credit quality issues are isolated and not systematic. Zions Bancorp (ZION 51.98, +2.31, +4.65%) traded higher ahead of its earnings report this afternoon, and the KBW Regional Banking ETF gained 2.5%. 

The communication services sector (+1.5%) finished as the best-performing S&P 500 sector. The Trade Desk (TTD 52.50, +2.52, +5.03%) captured the widest gain, while Netflix (NFLX 1238.56, +39.20, +3.27%) moved higher ahead of its earnings release this week. 

Meta Platforms (META 732.17, +15.26, +2.13%) and Alphabet (GOOG 257.02, +3.23, +1.27%) provided strong leadership and contributed to strength across mega-cap names, sending the Vanguard Mega Cap Growth ETF 1.6% higher. 

Only the consumer staples (-0.1%) and utilities (-0.1%) sectors finished slightly lower. 

Though the ongoing government shutdown has had little effect on the path of equities, hints of a potential resolution added to the positive sentiment today, with White House Economic Advisor Kevin Hassett saying the shutdown "is likely to end sometime this week."

The shutdown prevented any data releases today, but rate cut expectations remain firm ahead of Friday's delayed release of the September Consumer Price Index (Briefing.com consensus: 0.4%).

Renewed optimism on U.S.-China trade served as an additional tailwind. President Trump said he expects a fair deal after upcoming talks in South Korea and plans to visit China in early 2026, signaling a more conciliatory approach.

With major averages back near record levels, investors appear confident in continued earnings growth and trade and economic stability heading into the busy reporting week.

U.S. Treasuries had a quiet start to the new week with slight relative strength in the long bond pressuring the 30-year yield past last week's low to a level last seen in early April while the 2-year note underperformed, ending little changed.

The 2-year note yield finished unchanged at 3.46%, the 10-year note yield settled down two basis points to 3.99%, and the 30-year note yield settled down three basis points to 4.58%. 

• Nasdaq Composite: +19.1% YTD
• S&P 500: + 14.5% YTD
• Russell 2000: +12.1% YTD
• DJIA: +9.8% YTD
• S&P Mid Cap 400: +4.5% YTD