Stock Market Update

[BRIEFING.COM] The stock market is experiencing a robust rally today. The main driving factor is optimism that the Trump administration may implement more targeted tariffs than previously anticipated. There's also some technical movement in play after the S&P 500 (+1.6%) jumped above its 200-day moving average (5,752) for the first time in two weeks.

The index trades in a tight range near its best level of the session, as does the Nasdaq Composite (+2.0%) and Dow Jones Industrial Average (+1.2%).

Outsized gains in the mega cap space, especially names that have logged big losses so far this year, have provided an added boost to the broader equity market. Tesla (TSLA 273.88, +25.16, +10.1%) shares are surging due in part to oversold conditions after losing 32% this year. NVIDIA (NVDA 121.94, +4.24, +3.6%) is another top performer after declining 9.3% in 2025.

This price action has contributed to the outperformance of the consumer discretionary (+3.5%) and technology (+1.6%) sectors, which trade near the top of the pack. All 11 sectors have benefitted from buying activity, trading higher than Friday's close.

The defensive-oriented utilities (+0.2%), consumer staples (+0.3%), and health care (+0.6%) sectors are the "worst" performing sectors, reflecting a more risk-on tone in today's session.

In the bond market, U.S. Treasury yields have climbed in another manifestation of increased risk appetite among investors. The 10-yr yield is up seven basis points to 4.31%.

Selling increased in the bond market following this morning's economic data. The preliminary March S&P Global US Services PMI, which increased to 54.3 from 51.0 in February, overshadowed a contraction in the preliminary March S&P Global US Manufacturing PMI, which fell to 49.8 from 52.7 in February.