Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.6%), and DJIA (+0.3%) are higher across the board amid broad strength throughout the market. 

Nine S&P 500 sectors trade higher in the early going. Gains are relatively modest with the exception of the energy sector (+1.2%), which trades higher as the price of oil increases $1.34 (+2.4%) to $57.86 per barrel. 

Tesla (TSLA 497.52, +16.32, +3.39%) is the early mega-cap standout, lifting the consumer discretionary sector (+0.9%).

Coinbase Global (COIN 251.37, +6.25, +2.55%) and Robinhood Markets (HOOD 123.04, +1.68, +1.39%) lead strength in the financials sector (+0.7%) after Bloomberg reported that a bipartisan bill aims to create a tax harbor for stablecoins. 

The top-weighted information technology sector (+0.5%) sits around the middle of the pack, though continued strength in chipmakers pushes the PHLX Semiconductor Index 1.4% higher. 

Only the defensive utilities (-0.4%) and consumer staples (-0.1%) sectors, which struggled amid tech's rally last week, trade lower.