Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.0%), Nasdaq Composite (+1.2%), and DJIA (+0.7%) continue to chart session highs amid a second consecutive day of strong tech leadership and a broader market that trades mostly higher. 

Yesterday's action saw the S&P 500 close above its 50-day moving average, a key technical level that the Nasdaq Composite has moved above this morning (23,124.63). 

Micron (MU 264.82, +16.27, +6.55%) extends its post-earnings strength, with memory and storage stocks such as Sandisk (SNDK 241.00, +21.54, +9.82%) and Western Digital (WDC 183.14, +8.13, +4.64%) furthering their own rallies following a rosy outlook for the industry. 

Elsewhere in the top-performing information technology sector (+1.7%), Oracle (ORCL 193.87, +13.84, +7.69%) is a standout after headlines that TikTok signed a deal to sell its U.S. unit to a group of investors, including Oracle. The upward move marks a boost in sentiment both for the AI trade and the stock, which faced a double-digit retreat last week following its earnings report. 

The broader market has trended higher throughout the session, with eight S&P 500 sectors holding gains, most of which currently sit near session highs. 

The healthcare sector (+0.9%) is a standout, with biotech and pharmaceutical names boosting the sector as the market awaits an announcement from President Trump this afternoon regarding lowering the price of pharmaceuticals. 

Elsewhere, the industrials sector (+0.7%) is supported by strength in its aerospace and defense names as President Trump told CBS News that he is not ruling out a war with Venezuela.

Solid performances across major banking names push the financials sector (+0.7%) to a similar gain.

Meanwhile, the defensive consumer staples (-0.4%) and utilities (-0.3%) sectors lag amid the rally in tech. 

The consumer discretionary sector (-0.1%) also trades slightly lower, with several notable earnings-related moves. Carnival (CCL 30.77, +2.43, +8.57%) outperforms after an EPS beat and upbeat FY26 guidance, while NIKE (NKE 58.83, -6.80, -10.36%) lags after disappointing guidance and soft sales in China. 

Outside of the S&P 500, the Russell 2000 (+1.0%) and S&P Mid Cap 400 (+0.8%) also hold solid gains. 

There was some skepticism heading into today's session about whether the major averages could extend their tech-fueled gains after yesterday's late-session weakness, but so far the market has shown that the improved sentiment around the AI trade may not be limited to a modest one-day advance. With today's gains, the S&P 500 and Nasdaq Composite now sit in modestly positive terrtiory for the week. 

Reviewing today's data:

• November Existing Home Sales 4.13 mln (Briefing.com consensus 4.10 mln); Prior was revised to 4.11 mln from 4.10 mln
  • The key takeaway from the report is that home sales in November were aided by lower mortgage rates, yet limited inventory, combined with high prices, got in the way of stronger selling activity.
• December Univ. of Michigan Consumer Sentiment - Final 52.9 (Briefing.com consensus 53.3); Prior 53.3
  • The key takeaway from the report is that consumer sentiment has fallen sharply versus the year-ago period, with "pocketbook issues," affordability concerns, and labor market worries weighing on consumers' psyche.