Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.5%), and DJIA (+0.5%) captured new record-high levels as the market responded to reports that the U.S. and China have agreed upon a consensus framework for a trade deal that will avoid the levy of additional 100% tariffs. 

The small-cap Russell 2000 (+0.3%) nabbed a record high of its own, additionally buoyed by expectations for a 25-basis point rate cut from the FOMC this week.

Mega-cap stocks lead the way, pushing the Vanguard Mega Cap Growth ETF 1.4% higher ahead of a busy week of mega-cap earnings reports. 

As a result, the information technology (+1.7%), communication services (+1.7%), and consumer discretionary (+1.2%) sectors are the best-performing of the six S&P 500 sectors that hold gains. Defensive sectors trade lower today. 

Strength across chipmakers contributes to the technology sector's gain, as the PHLX Semiconductor Index rises 2.5%.

In particular, shares of Qualcomm (QCOM 192.58, +23.64, +13.99%) moved sharply higher after the company unveiled new chip-based AI accelerator cards