Stock Market Update

[BRIEFING.COM] The major averages remain little changed from their opening highs as the market looks to close today's session on a definitively higher note. 

Breadth figures still favor advancers over decliners by a greater than 5-to-1 ratio on the NYSE and a greater than 3-to-1 ratio on the Nasdaq, while ten sectors continue to trade in positive territory. 

The energy sector (-0.6%) is the sole decliner, with its losses modestly widening throughout the session. The sector faces pressure from a lower price of oil after OPEC+ agreed to increase its output by 547,000 bpd in September. The price of crude oil is down $1.24 to $66.09, returning to its 50-day moving average (66.58).

Meanwhile, the communication services sector (+2.5%) broadens its gains as the day's best-performing S&P 500 sector, with strong performances in Meta Platforms (META 775.64, +25.64, +3.4%) and Alphabet (GOOG 195.76, +5.81, +3.1%) underpinning the gains.