Stock Market Update

[BRIEFING.COM] There is a concentrated bid on stocks so far, with breadth figures reflecting a stronger inclination to buy stocks than sell stocks. Advancers are ahead of decliners by a roughly 8-to-5 margin at the NYSE and by a nearly 4-to-3 margin at the Nasdaq.

Nine of the 11 S&P 500 sectors are higher; value stocks and growth stocks, as a class, are higher; and modest gains have been registered across the market cap universe, from micro caps to mega caps.

The relative strength of the mega-cap stocks, which is grounded in the absolute strength of Tesla (TSLA 353.36, +31.20, +9.68%), has played an important role in underpinning the market cap-weighted indices. The Vanguard Mega Cap Growth Index Fund (MGK 350.51, +2.34, +0.67%) is up 0.7%, yet the market cap-weighted S&P 500 is up only 0.4%.