Stock Market Update

[BRIEFING.COM] There's some selling interest in the stock market today, but that hasn't stopped the S&P 500 (+0.8%) from reaching a fresh all-time high (6,100.81). The Dow Jones Industrial Average (+0.3%) and Nasdaq Composite (+1.4%) are also higher, fueled by gains in mega caps and chipmakers. 

The Vanguard Mega Cap Growth ETF (MGK) trades 1.8% higher and the PHLX Semiconductor Index (SOX) shows a 2.3% gain after President Trump's $500 billion AI infrastructure announcement, which included Oracle's (ORCL 185.21, +12.61, +7.3%) Chairman Larry Ellison, SoftBank CEO Masayoshi Son, and OpenAI CEO Sam Altman.

The upside action at the index level is also a function of positive sentiment around Q4 earnings season. Netflix (NFLX 960.11, +90.43, +10.4%) is soaring after its earnings report, which featured the biggest quarter of global streaming paid net ads in the company's history.

Blue-chip names like Procter & Gamble (PG 166.09, +4.37, +2.7%) and Dow component Travelers (TRV 248.50, +9.34, +3.9%) are also standouts in that respect following their earnings results.

Market breadth is negative, though, reflecting some mild consolidation activity after a stellar start to 2025. Declining issues lead advancing issues by a 2-to-1 margin at the NYSE and by a 4-to-3 margin at the Nasdaq. Also, the equal-weighted S&P 500 trades 0.3% lower.

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index 0.1%; Prior 33.3%
• December Leading Indicators -0.1% (Briefing.com consensus 0.0%); Prior was revised to 0.4% from 0.3%