Stock Market Update

[BRIEFING.COM] The major averages trade near their session highs. 

Broad-based gains this morning are indicative of a risk-on mindset, as smaller-cap stocks are notably outperforming their larger counterparts. The Russell 2000 is up 1.6%, and the S&P Mid Cap 400 is up 1.3%.

Meanwhile, the Vanguard Mega Cap Growth ETF holds a more modest gain of 0.3%, as the mega-cap cohort is seeing less of today's focus, with the exception of a healthy gain in Meta Platforms (META 783.63, +17.76, +2.32%). 

Kansas City Fed President Jeff Schmid (FOMC voting member) stated in a speech today that limited tariff effect on inflation is a reason for policy to stay on hold, not necessarily a reason for the Fed to cut rates.