Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.9%), and DJIA (+0.4%) are mostly higher just before midday, as continued outperformance in mega-cap and tech stocks outweighs broader market weakness.

Notably, the S&P 500 sits less than 10 points below its all-time high (7,002.28), though it continues to face resistance at the 7,000 level.

The information technology sector (+1.5%) leads gains, supported by another rebound in software names, with iShares GS Software ETF up 3.6%.

The consumer discretionary sector (+0.9%) also trades higher, helped by strength in Tesla (TSLA 387.43, +23.23, +6.38%), while the communication services sector (+0.4%) edges into positive territory on ongoing mega-cap strength. The Vanguard Mega Cap Growth ETF is up 1.3%, extending its week-to-date gain to 4.9%.

Elsewhere, Morgan Stanley (MS 191.91, +8.57, +4.67%) rises after beating earnings estimates this morning, supporting a 0.7% gain in financials.

Outside the S&P 500, the Russell 2000 is flat, while the S&P Mid Cap 400 (-0.4%) gives back some recent gains.

On the macro front, oil is stable, with crude up $1.29 (+1.4%) to $92.5. Reports continue to suggest progress in U.S.-Iran ceasefire talks, helping support a constructive backdrop for equities.