Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.4%), and DJIA (+0.7%) are moving firmly higher as strength broadens, with tech and mega-cap stocks starting to get in on the early gains.

The Vanguard Mega Cap Growth ETF (+0.4%) has moved into positive territory alongside the information technology sector (+0.2%) and PHLX Semiconductor Index (+0.4%).

Meanwhile, the communication services sector (+1.5%) holds a wider gain as Meta Platforms (META 595.11, +16.57, +2.86%) is a "Magnificent Seven" standout while Charter Comm (CHTR 153.08, +6.89, +4.71%) and Paramount Skydance (PSKY 11.03, +0.48, +4.55%) are among the top-performing S&P 500 components.

Factory orders increased 0.9% month-over-month in July (Briefing.com consensus: 0.6%) following an upwardly revised 0.2% decline (from -0.3%) in June. Excluding transportation, factory orders increased 0.6% on the heels of a 0.1% decline in June. Shipments of manufactured goods increased 0.8% after being flat in June.

The key takeaway from the report is that factory orders were running at a good clip in July for durable and nondurable goods. Although business spending was flat, that was likely just a normal slowdown from the solid increases registered in May and June.