Stock Market Update

[BRIEFING.COM] The stock market's broad-based advance has the S&P 500 (+1.0%), Nasdaq Composite (+1.4%), and DJIA (+0.9%) climbing towards their all-time high levels from two weeks ago. 

Nine S&P 500 sectors trade higher, led by the top-weighted information technology (+1.3%) and communication services (+1.3%) sectors. 

Apple (AAPL 263.46, +11.17, +4.43%) is a notable mover, climbing amid reports of strong 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 technology sector also benefits from strength in chipmaker names, sending the PHLX Semiconductor Index 1.9% higher. 

Within the communication services sector, Netflix (NFLX 1236.68, +37.32, +3.11%) advances ahead of its earnings report tomorrow, while the sector's two mega-cap names, Meta Platforms (META 730.76, +13.84, +1.93%) and Alphabet (GOOG 256.98, +3.19, +1.26%), also hold solid gains. 

Mega-cap stocks are off to a strong start this week, with the Vanguard Mega Cap Growth ETF advancing 1.1%. 

Small-cap and mid-cap stocks are also trading higher, resulting in gains for the Russell 2000 (+1.5%) and S&P Mid Cap 400 (+0.9%). 

Airline, biotechnology, and defense names are among other outperformers so far. 

The market is boosted by fresh optimism around U.S.-China trade relations, with President Trump saying he expects a fair deal to be negotiated after the upcoming talks in South Korea. The president also said he has been invited to China and will travel there in early 2026, invoking a more amicable tone after previously stating he sees no reason to meet with the Chinese president. 

In other macro developments, a possible end to the government shutdown is providing an additional tailwind for equities today, as White House Economic Advisor Kevin Hassett told CNBC that the shutdown "is likely to end sometime this week."

The market did not receive any economic data today amid the shutdown. 

This morning's sole earnings reporter, Cleveland-Cliffs (CLF 15.80, +2.48, +18.62%), trades sharply higher despite missing revenue expectations and reporting EPS in-line, buoyed by signs of U.S. steel demand recovery and promising rare-earth mineral surveys at two sites.

Earnings season ramps up this week, with nearly one-fifth of S&P 500 companies set to report, and today's broad rally suggests the market is anticipating strong earnings growth.