Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%) and Nasdaq Composite (+0.7%) captured all-time highs shortly after the open, supported by significant mega-cap gains and relatively broad market strength.

Meanwhile, the price-weighted DJIA (+0.2%) trades with a more modest gain.

In the communication services sector (+1.6%), Alphabet (GOOG 248.64, +7.26, +3.01%) traded to an all-time high, becoming just the fourth company to exceed $3 trillion in market cap. 

The consumer discretionary sector (+1.8%) holds a similar gain, with Tesla (TSLA 421.06, +25.12, +6.34%) trading higher after CEO Elon Musk bought nearly $1 billion in stock, his first open-market purchase since February 2020.

The Vanguard Mega Cap Growth ETF is up 0.8% today.

While the mega-caps are certainly demonstrating their ability to move the market at the index level, the broader market is off to a good start to the week.

Eight S&P 500 sectors trade higher, with only the health care (-0.8%), consumer staples (-0.6%), and materials (-0.4%) sectors holding losses.

Smaller cap indices are also on the advance, with the Russell 2000 up 0.6% and the S&P MidCap 400 up 0.5%.