Stock Market Update

[BRIEFING.COM] The major averages have built on their starting gains with the S&P 500 (+0.8%) and Nasdaq (+0.9%) extending to fresh records while the Dow (+0.8%) is creeping closer to its record high from late 2024, trading just 0.5% below that mark.

The early advance has received support from most sectors even though the market's rate cut expectations have receded after the solid jobs report for June. The top-weighted technology sector (+1.3%) is the top performing group in early trade, padding this week's gain to 2.3% versus a 1.6% gain for the week in the S&P 500. Meanwhile, this week's leading performer—materials—has added just 0.1% today, but is up 3.6% for the week.

Treasuries have inched up off their post-data lows, but the 10-yr yield is still higher by four basis points at 4.33%.