Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%) and Nasdaq Composite (+0.5%) quickly established new record high levels as a massive move in Oracle (ORCL 342.47, +100.96, +41.80%) and a favorable August PPI report enthused investors. The DJIA (-0.4%) has yet to surface above its flatline.

Oracle's rally, which is underpinned by a 359% year-over-year increase in RPO to $455 billion, has rippled throughout the information technology sector (+2.3%), with the PHLX Semiconductor Index (2.6%) up similarly. 

Gains are relatively modest across the other five advancing S&P 500 sectors, as the thinly weighted utilities sector (+1.0%) is the only other sector with a gain wider than 1.0%. 

Meanwhile, five sectors are on the retreat, with the consumer staples (-1.4%), health care (-1.0%), and consumer discretionary (-0.9%) sectors moving the furthest below their baselines. 

While the technology sector's rally results in decent gains for the S&P 500 and Nasdaq Composite, breadth figures reflect some lingering selling interest. Advancers outpace decliners by a thin 13-to-12 margin on the NYSE and an even slimmer 20-to-19 clip on the Nasdaq. 

Smaller-cap indices such as the Russell 2000 (+0.1%) and S&P Mid Cap 400 (flat) jumped out to healthy early gains in response to a better-than-expected August PPI report but have since retreated to their flatlines.