Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.8%), and DJIA (+0.2%) trade in positive territory after sitting mixed for most of the session. 

The tech-heavy Nasdaq Composite leads the way, establishing a new record high level of 21,885.62 as mega-cap tech names see notable early strength after a retreat on Friday. 

Smaller cap indices such as the Russell 2000 (flat) and S&P Mid Cap 400 (-0.2%) have sat out the advance so far, as gains are concentrated across the market's largest names. 

The information technology sector (+1.1%) leads the way, with strength in its chipmaker components pushing the PHLX Semiconductor Index (+1.1%) to an identical gain. 

Meanwhile, strength across the mega-caps has kept the consumer discretionary (+0.8%) and communication services (+0.2%) sectors in positive territory, while the industrials sector (+0.2%) recently moved above its baseline. 

Improvement in breadth figures reflects increasing buying activity as the session has progressed, with advancers outpacing decliners by a nearly 13-to-12 margin on the NYSE and a roughly 7-to-6 clip on the Nasdaq.

Corporate headlines are relatively quiet today, and the market will not hear from any Fed officials ahead of the September FOMC meeting next week. 

The New York Fed's Survey of Consumer Expectations saw median inflation expectations tick up by 0.1 percentage points to 3.2% at the one-year horizon in August.

With the market fully pricing in a September rate cut, this week's release of August PPI and CPI data are some of the most eagerly anticipated happenings, as the inflation readings will influence the odds of further rate cuts this year.