Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.3%), and DJIA (+0.3%) have steadily improved from their opening weakness, with the S&P 500 and DJIA notching fresh all-time highs.

Similar to yesterday's record push, the information technology sector (+0.8%) is making an important contribution to the index-level gains. Apple (AAPL 312.61, +6.30, +2.06%) is a mega-cap standout, while NVIDIA (NVDA 226.03, +1.67, +0.74%) extends yesterday's move higher, and Hewlett Packard Enterprise (HPE 57.87, +10.87, +23.13%) rockets higher after earnings.

However, Microsoft (MSFT 444.31, -16.21, -3.52%) and other software stocks are under considerable pressure following yesterday's rally.

Mega-cap names outside of the technology sector are posting mixed performances, with Alphabet (GOOG 365.08, -7.50, -2.01%) a notable laggard after announcing an $80 billion equity capital raise to fund the rapid expansion of its AI infrastructure footprint. The move weighs on the communication services sector (-1.2%), though both the stock and the sector are well off their session lows.

Elsewhere, the defensive health care (-1.0%) and consumer staples (-0.4%) sectors are under pressure, while the broader market is largely improved after yesterday's weakness.

Outside of the S&P 500, the Russell 2000 (+1.0%) and S&P Mid Cap 400 (+0.8%) are outperforming.