Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.7%) and Nasdaq Composite (+1.0%) are back near their session highs just before this close, putting the S&P 500 on track for a record closing high to go along with its record intraday high. The DJIA (+0.1%) remains near the midpoint of its range today as Cisco (CSCO 112.42, -11.46, -9.25%) continues to pressure the index after its earnings release.

More tech earnings are on tap after the close, with Applied Materials (AMAT 546.05, -2.10, -0.38%) heading into Q3 (Jul) with expectations elevated following another strong report in May and recent peer results that have reinforced strength in AI-driven wafer fab equipment demand. Applied Materials' prior guidance already called for another sharp sequential increase in revenue, while Lam Research (LRCX 338.23, +12.12, +3.72%) and KLA Corporation (KLAC 210.42, +2.17, +1.04%) have since pointed to continued strength in the broader equipment cycle into 2H26 and 2027. Despite pulling back sharply from its June highs, shares remain up more than 100% YTD, keeping the bar high for Q4 guidance and the broader demand outlook.