Stock Market Update

[BRIEFING.COM] The major indices started today's session on an upbeat note, bolstered by mega-cap leadership and optimism that Fed Chair Powell will validate the market's belief that a rate cut is coming at the September FOMC meeting.

The information technology sector (+1.1%) has taken the lead, which makes a huge difference since it is the most heavily-weighted sector in the S&P 500. In fact, all 11 sectors are higher. Consumer staples (+0.1%) is the relative laggard in the bunch.

Just in, new home sales increased 10.6% month-over-month in July to a seasonally adjusted annual rate of 739,000 Briefing.com consensus 628,000) following an upwardly revised 668,000 (from 617,000) in June.

Also, Fed Chair Powell's speech is hitting the wires, but the market is keenly interested to hear his tone in giving that speech, which will start shortly in Jackson Hole.