Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.7%), and DJIA (+0.3%) have traded steadily higher throughout the session as the market has responded well to several tests this morning. 

The December Employment Situation Report saw nonfarm payrolls increase by 50,000 and the unemployment rate tick down to 4.4% from 4.5%, While the data effectively killed any odds of a January rate cut, the low unemployment rate may help limit concerns that consumer spending and the economy will be slowed by a weak labor market. 

The market's other test was effectively postponed, as the Supreme Court did not issue a ruling on the legality of President Trump's IEEPA tariffs. 

Stocks are broadly higher as a result, with nine S&P 500 sectors holding gains just before midday. Cyclical sectors (with the exception of the flat financials sector) continue to post strong gains, with mega-caps providing solid leadership. Semiconductors, homebuilders, and defense stocks are among the outperformers.

The utilities sector (+1.5%) holds the widest gain, with electric companies posting sharp gains as Vistra Corp. (VST 170.80, +20.20, +13.41%) and Oklo Inc. (OKLO 110.04, +12.44, +12.74%) (which itself is not a component of the sector or the S&P 500) announced nuclear power agreements with Meta Platforms (META 654.10, +8.04, +1.24%). 

Outside of the S&P 500, the Russell 2000 (+0.8%) and S&P Mid Cap 400 (+0.7%) outperform amid a solid day for growth stocks.