[BRIEFING.COM] The major averages continue to chart session highs at midday, with today's strength now broadening to include all eleven S&P 500 sectors. 

Constellation Energy (CEG 304.78, +37.17, +13.89%) is surging after signing a 20-year power purchase agreement with Alphabet (GOOG 344.56, +0.73, +0.21%) supporting 890 MW of new nuclear capacity through upgrades at 11 existing units across six sites in the PJM grid. A separate 15-year agreement covers another 2,700 MW of existing generation.

The agreement provides another example of large technology companies using long-term power commitments to support additional generation needed for growing data-center demand. For CEG, the structure offers both an avenue to expand output from its existing nuclear fleet and greater revenue visibility, while potentially providing a framework for similar agreements across other parts of the fleet.

Other electric utility names such as Vistra Corp. (VST 160.75, +15.86, +10.95%) and NRG Energy (NRG 104.42, +7.62, +7.87%) are also among the best-performing S&P 500 components today, and the industrials sector (+2.4%) remains today's standout sector. 

[BRIEFING.COM] Stocks are putting together a strong session, with the S&P 500 (+0.9%) and Nasdaq Composite (+0.9%) charting fresh all-time highs just before midday while the DJIA (+0.8%) largely keeps pace. 

The major averages are supported by a fresh all-time high from NVIDIA (NVDA 241.81, +2.91, +1.22%) amid strength in semiconductor and mega-cap stocks today. The PHLX Semiconductor Index is up 1.1%, the information technology sector is up 1.1%, and the Vanguard Mega Cap Growth ETF is up 1.1%.

Similar to yesterday's session, stocks are bucking the recent trend of narrow market leadership, with solid gains throughout the broader market contributing to the record push. The utilities sector (+2.3%) holds the widest gain, supported by Constellation Energy's (CEG 304.44, +36.82, +13.76%) announcement of a 20-year nuclear power deal with Alphabet (GOOG 344.84, +1.01, +0.29%) and a move lower in oil prices and Treasury yields that is prompting sizable gains in the real estate (+1.2%) and consumer discretionary (+1.2%) sectors as well.

Only the health care sector (-0.1%) holds a modest loss amid weakness in Moderna (MRNA 191.93, -11.28, -5.55%) and other biotech stocks.

Outside the S&P 500, the S&P Mid Cap 400 (+0.7%) holds a gain similar to those of the major averages, while the Russell 2000 (-0.1%) has ceded its early gain and moved into slightly negative territory.

[BRIEFING.COM] The major averages have settled into a relatively stable range above their baselines. 

The health care sector (-0.7%) is now the only S&P 500 sector trading lower, weighed down in part by a sharp reversal in Moderna (MRNA 191.35, -11.86, -5.84%), which opened the session with a gain.

Moderna has been volatile in recent weeks as investors weigh upcoming clinical milestones for its oncology pipeline. The stock surged to multi-year highs in late September after the company announced that three abstracts involving its individualized mRNA cancer therapy, intismeran autogene, were accepted for presentation at the ESMO Congress 2026 in October. It subsequently gave back some of that strength after Citigroup downgraded the stock to Sell from Neutral on September 30 and set an $80 target.

The heightened sensitivity reflects the importance of intismeran to Moderna's oncology strategy. The therapy is being evaluated with Merck's (MRK 140.38, +0.84, +0.61%) KEYTRUDA across several cancer indications, making data timing and efficacy central considerations for investors.

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.7%), and DJIA (+0.5%) are maintaining their solid early gains this morning.

The PHLX Semiconductor Index (+1.1%) continues to move higher this morning, with Marvell (MRVL 290.34, +19.09, +7.04%) among its best-performing components. The stock is surging higher after management raised its FY28 revenue outlook to $20 billion from $18 billion at its investor day, above the $18.2 billion FactSet consensus, primarily reflecting stronger optics and switching demand. Management also outlined a $70-$90 billion annual revenue framework for FY31 and expects FY29 custom revenue to more than triple from FY28 to over $12 billion, underscoring expanding opportunities across AI connectivity and custom silicon.

True to recent form, gains in semiconductor stocks are expanding to a host of AI-infrastructure plays in the industrials sector, with GE Vernova (GEV 1037.82, +47.82, +4.83%) among the best-performing S&P 500 names.

[BRIEFING.COM] Stocks are extending their solid start to the week at the open today as broad gains and firm tech leadership push the major averages higher. The S&P 500 (+0.6%) and Nasdaq Composite (+0.6%) captured new all-time highs with their opening gains, while the DJIA (+0.5%) holds a similar gain.

Similar to yesterday afternoon's action, participation is solid throughout the market, with nine S&P 500 sectors trading higher. The utilities sector (+1.8%) leads the advance as Constellation Energy (CEG 305.72, +38.10, +14.24%) soars out of the gate after the company struck a 20-year nuclear power deal tied to 890 MW of new PJM capacity with Alphabet (GOOG 342.46, -1.37, -0.40%). Several other electric utility names are also among the S&P 500's top performers, with lower Treasury yields acting as another tailwind for the sector.

The 2-year note yield is currently down two basis points to 5.29% as crude oil retreats again this morning, adding another catalyst to a market that largely overlooked yields moving higher yesterday.

The information technology sector (+0.9%) sees an extension of yesterday's strength. Software names remain strong, with the iShares GS Software ETF up 2.3%, while the PHLX Semiconductor (+1.0%) jumps out to a much hotter start compared to yesterday's action. NVIDIA (NVDA 242.26, +3.36, +1.41%) continues to move higher amid relative strength in both semiconductor and mega-cap stocks, with the Vanguard Mega Cap Growth ETF up 0.7%.

Meanwhile, Meta Platforms (META 739.66, -2.24, -0.30%) and Alphabet (GOOG 342.46, -1.37, -0.40%) are exceptions, giving back some of their previous strength, pushing the communication services sector (-0.5%) lower this morning. The energy sector (-0.6%) also lags amid lower oil prices.

The stock market remains on track for a solid opening, looking to build on yesterday's strength and potentially set the stage for the S&P 500 to make a run at fresh all-time highs.

The trade deficit widened in August to $105.6 billion (Briefing.com consensus: -$93.7 billion) from a downwardly revised $92.8 billion (from -$88.6 billion) in July. Exports were $4.5 billion more than July exports, but imports were $17.2 billion more than July imports.

The key takeaway is that demand for crude oil and semiconductors helped drive the increase in exports and imports and can be looked at in part as a good sign for global economic activity.

The stock market remains on track for a firmly higher open, with the S&P 500 futures currently trading 30 points above fair value. 

Asian markets finished higher on Tuesday, extending the technology-led momentum from Wall Street while softer oil prices helped offset pressure from elevated global bond yields. Japan's Nikkei 225 gained 1.1% to a three-month high, led by Taiyo Yuden (+6.2%), Fujikura (+5.2%), Advantest (+3.9%), Murata Manufacturing (+1.0%), and Lasertec (+0.8%). Lower crude prices provided additional support for Japan's import-dependent economy, while investors continued to monitor Prime Minister Sanae Takaichi's expansionary fiscal agenda amid a weak yen and rising domestic bond yields. Hong Kong's Hang Seng Index climbed 1.0%, with Z.AI (+7.6%), Genscript Biotech (+7.7%), Wuxi Biologics (+4.5%), Xiaomi (+1.6%), and Tencent (+1.2%) benefiting from renewed buying in technology and biotech shares. Brent crude near $100 provided some relief from the energy-driven inflation pressures that have weighed on global markets, while the yield on Japan's latest 10-year government bond auction rose to 3.101% from 2.995% previously. China's Shanghai Composite remained closed for the National Day holiday.

• In economic data:
  • India's September HSBC Services PMI rose to 55.2 from 54.1, below the 55.8 consensus.
  • India's September HSBC Composite PMI rose to 55.9 from 54.3, below the 56.5 consensus.
  • Australia's October Westpac Consumer Sentiment fell 4.7% after declining 5.2% previously.
  • Australia's September ANZ Job Advertisements increased 2.2% m/m after rising 2.6% previously.
  • Hong Kong's September S&P Global Manufacturing PMI slipped to 49.2 from 49.5.

European markets trade higher, tracking strength in global equities as easing oil prices provide additional support for sentiment. Germany's DAX gains 0.6% despite factory orders plunging 10.6% m/m in August, well below expectations for a 0.9% decline, with Merck (+4%), Qiagen (+3%), and Henkel (+2%) among the leading gainers. France's CAC 40 rises 0.3%, rebounding from Monday's decline even as concerns over the country's fiscal position persist, with EssilorLuxottica (+2%), STMicroelectronics (+2%), and Safran (+2%) outperforming. London's FTSE 100 advances 0.3%, led by healthcare shares as AstraZeneca (+3%) rallies after announcing more than $1 bln of investment in Massachusetts, while GSK (+1.5%) also gains. Eurozone retail sales rise just 0.1% m/m in August, slightly below expectations, while French industrial production unexpectedly declines 0.3%. Concerns surrounding France remain a broader headwind after the budget deficit widened to EUR159.6 bln through August, while the government seeks to reassure markets with its 2027 budget.

• In economic data:
  • Eurozone August retail sales increased 0.1% m/m and 0.8% yr/yr, below respective expectations of 0.2% and 1.0%; the prior readings were -0.6% and 0.4%.
  • Eurozone September HCOB Construction PMI rose to 43.4 from 43.0.
  • Germany's August factory orders fell 10.6% m/m, well below the -0.9% consensus, after increasing 3.2% previously.
  • Germany's September HCOB Construction PMI fell to 43.5 from 48.7.
  • France's August industrial production fell 0.3% m/m, below the 0.2% consensus, after declining 0.6% previously.
  • France's government budget balance widened to -EUR159.6 bln from -EUR145.9 bln.
  • France's September HCOB Construction PMI rose to 39.8 from 37.3.
  • The U.K.'s September S&P Global Construction PMI rose to 46.1 from 44.3, above the 45.0 consensus.
  • Italy's September HCOB Construction PMI rose to 46.5 from 41.7.
  • Spain's August industrial production increased 1.5% yr/yr after rising 2.5% previously.

The S&P 500 futures currently trade 28 points above fair value as mega-cap and tech names push higher in the premarket.

Just released, the trade deficit widened to $105.6 billion in August (Briefing.com consensus: -$93.7 billion) from a downwardly revised -$92.8 billion (from -$88.6 billion) in July.

Equity futures point to a higher open this morning as stocks look to build upon a solid start to the week.

Oil prices and Treasury yields are both moving lower this morning, adding to the constructive backdrop for equities. Crude oil is currently down $2.01 (-2.3%) to $87.42 per barrel amid more favorable reports of increased crude flows out of the Middle East, while the 10-year note yield is down five basis points to 5.26%.

While oil prices moved lower yesterday, Treasury yields continued to creep higher. The stock market appeared largely unfazed by the renewed rate pressure, however, as early strength in technology stocks broadened into a solid advance across the wider market as the session progressed. The Nasdaq Composite reached fresh record highs, while the S&P 500 finished less than half a percent below its own record closing high.

Today's remaining economic calendar:

• 8:30 AM ET: August Trade Balance; Briefing.com consensus -$93.7B; prior -$88.6B

In corporate news:

• Advanced Micro Devices (AMD 642.00, +10.25, +1.6%) is planning to increase supply next year, accoding to Reuters.
• Constellation Energy (CEG 285.25, +17.63, +6.59%) and Alphabet (GOOG 345.30, +1.47, +0.4%) signed a 20-year power purchase agreement supporting 890 MW of new nuclear capacity and more than $4.3 billion of investment.
• Option Care Health (OPCH 28.27, +4.90, +20.97%) is sharply higher after the Financial Times reported that McKesson (MCK 915.87, +0.42, +0.05%) and CD&R are nearing a deal involving the company.

Reviewing overnight developments:

Asian markets mostly finished higher, with technology and biotechnology shares contributing to the advance, according to Nikkei.

In news:

• China's Shanghai Composite remained closed for the National Day holiday.
• The yield at Japan's latest 10-year government bond auction rose to 3.101% from 2.995% previously.

In economic data:

• India's September HSBC Services PMI 55.2 (expected 55.8; prior 54.1) and Composite PMI 55.9 (expected 56.5; prior 54.3)
• Australia's October Westpac Consumer Sentiment -4.7% (prior -5.2%); September ANZ Job Advertisements +2.2% m/m (prior +2.6%)
• Hong Kong's September S&P Global Manufacturing PMI 49.2 (prior 49.5)

Equity Markets:

• Japan's Nikkei: +1.1%
• Hong Kong's Hang Seng: +1.0%
• China's Shanghai Composite: closed for holiday
• India's Sensex: +0.7%
• South Korea's Kospi: -0.9%
• Australia's All Ordinaries: +0.5%

European markets are trading higher, although weak regional economic data and concerns about France's fiscal position remain in focus.

In news:

• France's budget deficit widened through August as the government sought to reassure markets about its 2027 budget.

In economic data:

• Eurozone's August Retail Sales 0.1% m/m (expected 0.2%; prior -0.6%) and 0.8% yr/yr (expected 1.0%; prior 0.4%); September HCOB Construction PMI 43.4 (prior 43.0)
• Germany's August Factory Orders -10.6% m/m (expected -0.9%; prior 3.2%); September HCOB Construction PMI 43.5 (prior 48.7)
• France's August Industrial Production -0.3% m/m (expected 0.2%; prior -0.6%) and Government Budget Balance -EUR159.6 bln (prior -EUR145.9 bln); September HCOB Construction PMI 39.8 (prior 37.3)
• U.K.'s September S&P Global Construction PMI 46.1 (expected 45.0; prior 44.3)
• Italy's September HCOB Construction PMI 46.5 (prior 41.7)
• Spain's August Industrial Production 1.5% yr/yr (prior 2.5%)

Equity Markets:

• STOXX Europe 600 : +0.7%
• Germany's DAX : +0.6%
• U.K.'s FTSE 100 : +0.4%
• France's CAC 40 : +0.5%
• Italy's FTSE MIB : +0.7%
• Spain's IBEX 35 : +0.8%

[BRIEFING.COM] The stock market had a productive first session of the week, supported by early tech leadership that remained solid even as participation broadened considerably throughout the session. By the close, the Nasdaq Composite (+1.1%) had established fresh record highs, the S&P 500 (+0.7%) notched a solid gain, and the DJIA (+0.2%) reversed the early weakness that kept it lower for the first half of the session. The Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.4%) followed a similar trajectory, with the major averages finishing just off session highs following some modest selling in the final minutes.

Despite stocks opening broadly lower, the S&P 500 and Nasdaq Composite moved higher out of the gate amid early strength in mega-cap and select tech stocks. Meta Platforms (META 741.90, +13.82, +1.90%) was among the notable "Magnificent Seven" gainers, extending its recent run of outperformance following the launch of its Muse AI agent and keeping the communication services sector (+1.1%) near the top of today's leaderboard.

The information technology sector (+0.7%) also provided steady support, although performance beneath the surface was mixed. Software stocks were a notable source of strength, with the iShares GS Software ETF rising 1.3%. PTC (PTC 192.26, +48.23, +33.49%) surged after Schneider Electric (SBGSY 61.50, -6.90, -10.09%) agreed to acquire the company for $205 per share in cash, while Microsoft (MSFT 525.18, +7.65, +1.48%) advanced following an upgrade to Buy from Hold at Melius.

Semiconductor stocks were more mixed, leaving the PHLX Semiconductor Index up just 0.3%. NVIDIA (NVDA 238.90, +4.95, +2.12%) was among the notable gainers, while Taiwan Semiconductor Manufacturing (TSM 485.91, +13.13, +2.78%) reached fresh 52-week highs after Elon Musk said there are talks about potentially utilizing the company for Terafab's Texas chip project. The prospect of TSM involvement weighed on Intel (INTC 116.19, -3.14, -2.63%).

Mega-cap strength remained an important source of support throughout the session, reflected in a 1.0% gain for the Vanguard Mega Cap Growth ETF. SpaceX (SPCX 171.09, +12.13, +7.63%) added to the trend and contributed to the outperformance of the Nasdaq Composite. 

Unlike much of the recent action, however, the broader market steadily caught up with those early leaders rather than falling further behind. That shift was especially evident in the S&P 500 Equal Weighted Index, which recovered from an early decline to finish up 0.5%, nearly matching the gain in the market-cap-weighted S&P 500. The Equal-Weight S&P 500 entered today's session riding a seven-week losing streak, making the improvement in participation particularly notable after an extended stretch in which index-level gains have been disproportionately driven by the market's largest stocks.

The broadening was also evident across the sector standings, with ten of the 11 S&P 500 sectors finishing higher. The real estate sector (-0.4%) was the lone decliner, while the industrials sector (+0.1%) was another relative underperformer as C.H. Robinson (CHRW 140.61, -17.11, -10.85%) fell sharply after agreeing to acquire RXO, Inc. (RXO 28.64, +5.26, +22.50%) in a stock-and-cash transaction valued at $5.8 billion.

Crude oil provided a more favorable influence as the session progressed. After some early choppiness, WTI crude moved steadily lower during the afternoon and ultimately settled $1.77 lower (-1.9%) at $89.33 per barrel. Positive headlines surrounding improved export flows from the Middle East continued to offset the lack of diplomatic progress between the U.S. and Iran.

The decline in oil did not translate into meaningful relief from another recent market headwind, however, as Treasury yields remained elevated. The 10-year note yield settled three basis points higher at 5.31%, yet equities largely shrugged off the continued rate pressure and spent much of the afternoon extending their gains. That ability to advance in the face of higher yields was particularly noteworthy given how heavily elevated rates have weighed on the broader market recently.

Monday therefore offered a notable break from the market's recent pattern. Mega-cap growth stocks remained firmly in the lead early and continued to perform well into the close, potentially reflecting confidence in their earnings prospects ahead of the upcoming reporting season, but the broader market increasingly joined the advance as the day progressed. The Equal-Weight S&P 500 matching the cap-weighted index despite another rise in Treasury yields was an encouraging development after weeks of narrow leadership, although one session is not enough to establish a lasting change in that trend.

U.S. Treasuries began the week with losses that sent yields on the 10-year and 30-year notes to fresh highs for the year while the front end outperformed but could not avoid a lower finish. The 2-year note yield settled up one basis point to 4.83%, and the 10-year note yield settled up three basis points to 5.31%. 

• Nasdaq Composite: +18.2% YTD
• Russell 2000: +14.7% YTD
• S&P 500: +13.6% YTD
• S&P Mid Cap 400: +11.3% YTD
• DJIA: +6.7% YTD

Reviewing today's data: 

• Sep S&P Global U.S. Services PMI - Final 58.8 (Prior 58.7)
• Sep ISM Non-Manufacturing Index 54.9 (Briefing.com consensus 55.7; Prior 55.4)
  • The key takeaway from the report is the understanding that the prices paid by services organizations continue to increase. In turn, that will continue to feed concerns about pass-through effects for consumers.