Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.0%), and DJIA (+0.6%) trade near session highs, supported by strong leadership in the information technology sector (+1.5%) and a broader market that trades mostly higher. 

Micron (MU 264.56, +16.01, +6.44%) continues its post-earnings rally, contributing to a 2.7% gain in the PHLX Semiconductor Index. 

Oracle (ORCL 193.36, +13.33, +7.40%) is another standout, rebounding from recent weakness following headlines that TikTok signed a deal to sell its U.S. unit to a group of investors, including Oracle.

The health care sector (+0.9%) is another top mover, climbing steadily throughout the morning. Biotechnology and pharmaceutical names are outperforming after White House Press Secretary Karoline Leavitt posted on X "Today at 1 PM at the White House: President Trump will be announcing more incredible deals that will lower prices of drugs and pharmaceuticals. Tune in!"

The iShares Biotechnology ETF is up 2.2%. 

Meanwhile, the other defensive sectors, the utilities (-0.3%) and consumer staples (-0.2%) sectors, are laggards.

The consumer discretionary sector (-0.2%) also trades lower as Tesla (TSLA 479.00, -4.37, -0.90%) is a laggard among mega-cap names.  The sector is also home to some of the more notable earnings-related moves in NIKE (NKE 59.22, -6.42, -9.77%) and Carnival (CCL 30.77, +2.43, +8.57%). 

Outside of the S&P 500, the Russell 2000 (+0.7%) and S&P Mid Cap 400 (+0.5%) hold similar gains to that of their larger-cap counterparts.