Stock Market Update

[BRIEFING.COM] The major averages now trade at session highs as the S&P 500 (+0.5%) and Nasdaq Composite (+0.7%) push further into record territory, while the DJIA (+0.3%) sits more confidently above its flatline. 

While today's gains are largely attributed to mega-cap strength in the communication services (+1.7%) and consumer discretionary (+1.7%) sectors, the information technology sector (+0.2%) sees only modest growth.

NVIDIA (NVDA 175.16, -2.66, -1.50%) trades lower today after China found the company to be in violation of the country's anti-monopoly law.

Separately, NVIDIA and CoreWeave (CRWV 119.38, +7.42, +6.63%) entered into a new order form under the existing Master Services Agreement ("MSA") dated as of April 10, 2023, which has an initial value of $6.3 billion, that establishes an arrangement with respect to the sale by the Company of reserved cloud computing capacity to its customers and provides NVIDIA access to any residual unsold cloud computing capacity.

NVIDIA's early loss limits gains in the technology sector despite strong early showings from Apple (AAPL 236.88, +2.81, +1.20%) and Microsoft (MSFT 512.76, +2.86, +0.56%).