Stock Market Update

[BRIEFING.COM] The stock market is off to a higher start this morning as enthusiasm across the AI trade and retreating oil prices create an environment of broad strength and mega-cap leadership.

The S&P 500 (+0.8%) and Nasdaq Composite (+1.0%) opened to fresh record highs, with the S&P 500 eclipsing the 7,300 mark for the first time. The DJIA (+1.1%) holds a similar gain, while the Russell 2000 (+0.6%) and S&P Mid Cap 400 (+1.3%) are also firmly higher.

The top-weighted information technology sector (+1.5%) is once again near the top of the leaderboard, buoyed by a busy morning for the AI trade.

Advanced Micro Devices (AMD 412.54, +57.28, +16.12%) and Super Micro Computer (SMCI 32.67, +4.84, +17.39%) both rocket higher after earnings, while Corning (GLW 184.08, +21.98, +13.56%)holds a similar gain after announcing a partnership with NVIDIA (NVDA 203.88, +7.38, +3.76%).

The PHLX Semiconductor Index is up 3.0%, and the Vanguard Mega-Cap Growth ETF is up 1.1%.

While tech is back in the driver's seat, the broader market is also registering solid gains, with eight S&P 500 sectors trading higher.

Weakness is most evident in the energy sector (-3.5%), which is burdened by a falling price of oil amid reports that the U.S. and Iran could be nearing a deal to end the war.

The defensive utilities sector (-1.4%) is also underperforming amid the strength in growth stocks today.