Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.7%) and Dow Jones Industrial Average (+0.5%) have moved further into record territory today on below-average volume to this point in the session. The Nasdaq Composite (+0.9%) and Russell 2000 (+0.5%) are also higher in today's broad advance. 

The session started with a tentative feel at the index level and market breadth was negative. Shortly after the open, decliners led advancers by an 11-to-10 margin at the NYSE and at the Nasdaq. Now, advancers lead decliners by a 4-to-3 margin at the NYSE and at the Nasdaq.

The lack of conviction stemmed from a wait-and-see attitude ahead of market-moving events this week. Earnings season picks up steam and there's some influential economic releases on the calendar, too. The September Retail Sales report will be released on Thursday at 8:30 ET, along with the weekly jobless claims report.

Gains in the mega caps, growth stocks, and chipmakers, which have an outsized impact on index moves, have drawn in more buying interest in other stocks. The equal-weighted S&P 500 sports a 0.6% gain. 

The Vanguard Mega Cap Growth ETF (MGK) shows a 1.0% gain, the Russell 3000 Growth Index trades 0.9% higher, and the PHLX Semiconductor Index (SOX) sports a 1.6% gain.

Ten of the 11 S&P 500 sectors trade higher led by information technology (+1.3%), communication services (+0.7%), and utilities (+1.3%). 

The Treasury market is closed for Columbus Day and there was no US economic data of note today.