Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.3%), and DJIA (+0.4%) quickly eclipsed yesterday's record high levels due to strong leadership from the information technology sector (+0.6%), though the broader market has seen some profit-taking, keeping gains modest. 

The small-cap Russell 2000 (-0.1%) and S&P Mid Cap 400 (-0.4%) underperform, moving modestly lower. 

Microsoft (MSFT 544.49, +12.97, +2.44%) supports the technology sector after announcing the next generation of its partnership with OpenAI, while Skyworks (SWKS 85.42, +9.58, +12.63%) trades sharply higher after entering a definitive agreement with Qorvo (QRVO 102.65, +10.52, +11.42%) to combine the two companies in a cash-and-stock transaction that values the combined enterprise at approximately $22 billion. 

Strength in Tesla (TSLA 462.50, +10.08, +2.23%) keeps the consumer discretionary sector (+0.4%) above its baseline, while the materials (+0.2%) and industrials (+0.1%) sectors also hold modest gains. 

Persisting strength across the mega-caps underpins the slight index-level advance, as the market-weighted S&P 500 (+0.1%) outperforms the S&P 500 Equal Weighted Index (-0.4%).

Losses are relatively modest, with the exception of the real estate (-1.6%) and utilities (-1.4%) sectors. 

Earnings have driven some significant stock-specific moves, though the market largely awaits more substantial developments, including mega-cap earnings reports later this week and tomorrow's FOMC meeting.