Stock Market Update

[BRIEFING.COM] The major averages are a touch off of their session highs but continue to trade firmly higher as strength remains broad. 

Solid gains across mega-cap stocks are contributing to the index-level gains this morning, with the Vanguard Mega Cap Growth ETF up 1.2%. 

Reuters reported that Meta Platforms (META 628.95, +15.24, +2.48%) is planning sweeping layoffs that could affect 20% or more of the company, as the company seeks to offset the expense of AI infrastructure investments and prepare for greater efficiency brought about by AI-assisted workers.

NVIDIA (NVDA 184.04, +3.79, +2.10%) also holds a nice gain as Financial Times reports the company is aiming to introduce a new artificial intelligence "inference" chip at its GTC event this week. CEO Jensen Huang will deliver his keynote address at the GTC Conference today at 2:00 p.m. ET. 

Tesla (TSLA 400.44, +9.24, +2.36%) rounds out the top three "Magnificent Seven" movers this morning, though all seven names are trading higher. Bloomberg reported that rising fuel prices could drive demand for electric vehicles.