Stock Market Update

[BRIEFING.COM] Strong performances from the mega-caps amid broad market strength propelled the S&P 500 (+0.5%) and Nasdaq Composite (+0.9%) to new all-time high levels, while the DJIA (+0.1%) oscillates around its flatline. 

Smaller cap indices such as the Russell 2000 (+0.4%) and S&P MidCap 400 (+0.2%) are relatively in line with the broader market. 

While six S&P 500 sectors trade higher, the communication services (+2.0%) and consumer discretionary (+1.6%) are by far the top advancers, supported by notable gains in their largest constituents.

Tesla (TSLA 418.89, +22.95, +5.80%) is dominating corporate headlines today, with the stock moving higher after it was disclosed that CEO Elon Musk bought around 2.6 million shares of stock worth nearly $1 billion on Friday, his first open market purchase of the stock since February 2020. The stock is now up 25% in the month of September. 

Alphabet (GOOG 248.91, +7.53, +3.12%) has also been on an impressive run recently, with today's gains making the company the fourth to surpass $3 trillion in market cap. 

The Vanguard Mega Cap Growth ETF is up 0.8%. 

The information technology sector (+0.5%) holds a more modest gain as its largest component, NVIDIA (NVDA 177.74, -0.08, -0.04%), faced early pressure following reports that China found the company to be in violation of its anti-monopoly law. 

Elsewhere in the sector, Intel (INTC 24.94, +0.86, +3.59%) trades higher after the company disclosed in an SEC filing that it now expects FY25 adjusted operating expenses to be $16.8 billion, down from its prior forecast of $17.0 billion.

Though sector strength has decreased throughout the session, losses are modest, with defensive sectors such as health care (-1.0%) and consumer staples (-0.8%) facing the widest losses. 

While today's early gains pushed the S&P 500 and Nasdaq Composite further into record territory, the action comes on lower than average volume, suggesting some market participants may be waiting on the sidelines ahead of Wednesday's FOMC meeting. The gains are also strongly tied to the market's largest names, as the market-weighted S&P 500 (+0.4%) outperforms the S&P 500 Equal Weighted Index (-0.1%). 

On the trade front, the U.S. and China have agreed on a framework deal that will bring TikTok under U.S. ownership, with a call between President Trump and Chinese President Xi Jinping to follow on Friday.

Reviewing today's data:

• September Empire State Manufacturing -8.7 (Briefing.com consensus 3.0); Prior 11.9