Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+1.0%), and DJIA (+0.3%) trade higher as mega-cap and tech names extend yesterday's gains against a backdrop of mixed strength in the broader market. Stocks are supported by a retreat in oil prices, with crude oil currently down $4.25 (-4.3%) to $94.83 per barrel. The lower price of oil weighs on the energy sector (-1.7%), but is supporting gains elsewhere.

In particular, the consumer discretionary sector (+1.6%) holds the widest gain as oil-sensitive stocks outperform, while Amazon (AMZN 246.29, +6.40, +2.67%) and Tesla (TSLA 359.25, +6.83, +1.94%) provide solid mega-cap leadership.

The market's largest components are on the move higher again today, with the Vanguard Mega Cap Growth ETF up 1.1%.

The communication services (+1.4%) and information technology (+0.8%) sectors are beneficiaries, with software stocks continuing their rebound rally. The iShares GS Software ETF is up 1.5% and Oracle (ORCL 165.64, +10.02, +6.44%) is one of the best-performing S&P 500 names after a double-digit advance yesterday.

Meanwhile, the financials sector sits flat after a busy morning of earnings reports. Citigroup (C 127.89, +1.61, +1.27%) holds a nice gain while Wells Fargo (WFC 82.15, -4.49, -5.18%) is the worst-performing S&P 500 component after beating earnings estimates but missing on revenues.

Losses are generally modest elsewhere, though the defensive consumer staples (-0.7%) and utilities (-0.4%) sectors are under pressure again today.