Stock Market Update

[BRIEFING.COM] Stocks are extending their gains today, buoyed by upbeat earnings, ongoing AI-driven developments, and a decline in oil prices that is fueling broad market strength. The S&P 500 (+1.0%) and Nasdaq Composite (+1.4%) continue to press into record highs, while the DJIA (+1.0%) has climbed back to within reach of the 50,000 level.

Equity futures signaled a sharp move higher at the open following another sizable wave of earnings reports, which included some high-profile names. Advanced Micro Devices (AMD 411.87, +56.61, +15.93%) is surging higher after a stellar beat-and-raise report, triggering a wave of analyst upgrades, including Goldman Sachs moving to Buy from Hold and raising its price target to $450 from $240.

Super Micro Computer (SMCI 32.02, +4.19, +15.06%) also holds a double-digit gain after earnings, while Corning (GLW 182.35, +20.25, +12.49%) soars higher after announcing a long-term partnership with NVIDIA (NVDA 204.07, +7.57, +3.85%) to strengthen U.S. manufacturing for AI infrastructure.

The PHLX Semiconductor Index is up 3.3%, and the broader information technology sector is up 1.8%.

Solid earnings growth is resulting in gains outside of the technology sector as well. Walt Disney (DIS 107.32, +6.84, +6.81%) moves sharply higher after a beat-and-raise earnings report, which fuels gains in the communication services sector (+2.1%), while Uber's (UBER 78.54, +5.60, +7.67%) earnings beat and high bookings lead the industrials sector's (+2.2%) advance.

In total, seven S&P 500 sectors trade higher, with all but the financials sector (+0.6%) holding a gain narrower than 1.0%.

There is, however, some weakness across the defensive utilities (-1.1%), consumer staples (-0.2%), and health care (-0.1%) sectors as growth stocks rally today.

Meanwhile, the energy sector (-3.9%) is sharply lower, though its retreat is largely tied to a decrease in oil prices, which is a tailwind for the broader market. Crude oil is currently down $6.57 (-6.4%) to $95.70 per barrel amid reports that the U.S. and Iran could be getting closer to a deal to end the war.

The decline in oil prices has also been a tailwind for U.S. Treasuries, with yields moving lower across the curve as risk sentiment improves.

Additionally, the smaller-cap Russell 2000 (+1.0%) and S&P Mid Cap 400 (+1.6%) hold solid gains comparable to those of the major averages.

Overall, today's gains underscore the strength of the ongoing earnings cycle and continued AI-driven leadership, with risk sentiment firmly supported across equities as the S&P 500 and Nasdaq Composite extend their push into record-high territory.

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -4.4%; Prior -1.6%
• April ADP Employment Change 109K (Briefing.com consensus 79K); Prior was revised to 61K from 62K