Stock Market Update
03-Sep-26 11:35 ET
Easing yields give mega-caps room to run
Dow +638.14
at 53700.09,
Nasdaq +355.15
at 26594.03,
S&P +76.78
at 7743.38
[BRIEFING.COM] Stocks are building upon yesterday's rebound, with the S&P 500 (+0.8%), Nasdaq Composite (+1.2%), and DJIA (+1.0%) sitting at session highs just before midday and moving into positive week-to-date territory.
Similar to yesterday's session, some relief across U.S. Treasuries contributes to the broad advance, with the 10-year note yield down five basis points to 4.75%. Yields moved lower this morning in response to commentary from Fed Governor Christopher Waller, which the market took as dovish with regard to recent data showing signs of disinflation.
Gains are broad, with nine S&P 500 sectors trading higher. The communication services (+1.8%) and consumer discretionary (+1.7%) sectors lead the advance amid particular strength across mega-cap stocks, with the Vanguard Mega Cap Growth ETF up 1.6%.
The information technology sector (+1.1%) is also at session highs, as a strong showing from software names combines with a semiconductor group that has considerably narrowed its losses since the open. The PHLX Semiconductor Index was down over 2% as Broadcom (AVGO 348.12, -19.12, -5.21%) retreats after earnings, but is now down just 0.4%.
