Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.3%), and DJIA (-0.2%) sit mostly higher, steadily improving from opening lows throughout the session. 

The broader market faced pressure at the open as investors reacted to Fed Chair Jerome Powell's confirmation that the Department of Justice is investigating him criminally in connection with his testimony to the Senate Banking Committee regarding renovations to Fed headquarters. A slight majority of S&P 500 sectors opened lower as the headline called into question the independence of the Federal Reserve, though the market quickly improved to a mixed standing.

President Trump's call for a one-year 10% interest rate cap on credit cards added to the negative tilt this morning as a range of credit card providers and money center bank names moved lower in response. Notable losses across names such as Synchrony Financial (SYF 79.55, -7.34, -8.45%), Capital One (COF 232.88, -16.32, -6.55%), American Express (AXP 359.77, -15.84, -4.22%), and Citigroup (C 117.06, -4.26, -3.51%) keep the financials sector (-1.1%) firmly lower despite improvements to the broader market. 

The health care sector (-0.7%) is another laggard, posting losses across most of its components amid a slow start to the year. However, Dexcom (DXCM 71.28, +3.88, +5.76%) is the top-performing S&P 500 name today after guiding Q4 revenues slightly above consensus and guiding FY26 revenues in-line. 

Developments surrounding Venezuela keep the energy sector (-0.6%) lower despite a modest increase to the price of oil today.  Exxon Mobil (XOM 123.60, -1.02, -0.81%) CEO Darren Woods said that Venezuela is "uninvestable" in its current state, a comment that drew the ire of President Trump, prompting him to say he might keep Exxon out of the country himself. 

Meanwhile, five S&P 500 sectors trade higher, with several notable intraday moves lifting the major averages to session highs. 

The top-weighted information technology sector (+0.5%) is one such sector that has shaken off an early loss.  Akamai Tech (AKAM 92.96, +4.84, +5.50%) is among the top-performing S&P 500 names after Morgan Stanley upgraded the stock to Overweight from Underweight, while steady improvements across semiconductor and mega-cap names seat both the PHLX Semiconductor Index (+0.6%) and Vanguard Mega Cap Growth ETF (+0.3%) in positive territory. 

The latter ETF is also supported by the consumer discretionary sector (+0.4%), which is led by a solid gain in Tesla (TSLA 452.58, +7.57, +1.70%). 

Elsewhere in the sector, lululemon athletica (LULU 210.54, +6.64, +3.26%) trades higher after providing a strong raised outlook for Q4, while homebuilder names continue to outperform. 

The consumer staples sector (+1.3%) has been the S&P 500's top advancing sector since the open, with Walmart (WMT 118.41, +3.88, +3.39%) rising as it is set to join the Nasdaq 100 Index. The materials sector (+0.8%) has been another top mover since the open as precious metals prices have seen a safe-haven flight to fresh record highs. 

All told, the market has held up rather well despite pre-market indications of a pullback. The S&P 500 now faces some resistance at Friday's all-time high level (6,978.36), but the major averages are well improved from a lower open.