Stock Market Update

[BRIEFING.COM] The major averages have extended to fresh session highs, which puts the S&P 500 (+0.5%) within ten points of its record high (6302) that was notched at the start of Tuesday's trade while the Nasdaq (+0.8%) is already in fresh record territory today.

Nine sectors hold gains at this juncture with industrials (+0.6%) outpacing the broader market with defense contractors contributing to the strength, though the iShares U.S. Aerospace & Defense ETF (ITA 195.30, +0.88, +0.45%) is failing to keep pace with the sector as a loss in GE Aerospace (GE 261.59, -4.59, -1.72%) masks gains in other industry members. GE hit a fresh record high in early trade, but it is now seeing profit taking after its strong Q2 report and increased EPS guidance for FY25.

Elsewhere in the sector, Snap-On (SNA 331.92, +18.91, +6.04%) is the leading performer, rallying back above its 200-day moving average (330.60) after the company beat Q2 expectations while United Airlines (UAL 90.34, +1.86, +2.11%) hit a four-month high after reporting mixed results for Q2.