Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.0%), Nasdaq Composite (+1.3%), and DJIA (+1.1%) rose to record highs this morning as the market advanced on broad strength. 

A softer-than-expected September CPI print (0.3%; Briefing.com consensus: 0.4%) has provided a strong tailwind for equities as the market's expectations for two additional rate cuts this year are further cemented. This has been particularly beneficial to the small-cap Russell 2000 (+1.6%). The S&P Mid Cap 400 (+0.9%) holds a similar gain to its larger counterparts. 

Eight S&P 500 sectors hold gains, led by the information technology sector (+1.4%), which is supported by its chipmaker components after a strong earnings report from Intel (INTC 38.56, +0.40, +1.05%). 

Mega-caps are also outperforming today (the Vanguard Mega Cap Growth ETF is up 1.1%), with Alphabet (GOOG 260.64, +6.91, +2.72%) a notable standout, sending the communication services sector (+1.2%) higher. The stock has advanced after the company announced a cloud deal with Anthropic yesterday reportedly worth billions of dollars. 

While the market's largest names provide solid leadership, they are not the sole driver of today's strength. Advancers outpace decliners by a nearly 3-to-1 ratio on both the NYSE and Nasdaq.