Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.2%), and DJIA (+0.2%) are higher this morning as mega-cap and tech names see their best opening in several sessions. 

Alphabet (GOOG 300.32, +15.36, +5.39%), which has been largely resistant to the recent AI unwind, continues to be the new darling among the mega-caps, trading to a new record high and pushing the communication services sector (+2.5%) to an early lead. 

The information technology sector (+1.7%) is also off to a strong start, supported by a rebound in chipmaker names. NVIDIA (NVDA 186.45, +5.09, +2.81%) trades higher ahead of its earnings after the close, while Broadcom (AVGO 352.57, +12.07, +3.54%) and Lam Research (LRCX 149.26, +6.02, +4.21%) trade even higher. The PHLX Semiconductor Index holds a gain of 2.0%.

Meanwhile, the broader market continues yesterday's trend of solid participation. Seven S&P 500 sectors hold gains, and only the energy sector (-2.3%) holds a loss wider than 0.75% as the price of oil slips $1.83 (-3.0%) to $58.84 per barrel.