Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.3%), Nasdaq Composite (+1.8%), and DJIA (+0.9%) have reclaimed yesterday's losses as the market advances on broad strength this morning. 

Considerable gains in tech and mega-cap names have lifted the S&P 500 and Nasdaq Composite back above their 50-day moving averages. Micron (MU 250.56, +25.04, +11.10%) is a standout, returning some enthusiasm to the AI trade after a stellar beat-and-raise earnings report. 

There is also some notable buy-the-dip interest across a wide range of mega-cap names that lagged yesterday, pushing the Vanguard Mega Cap Growth ETF 1.8% higher. The consumer discretionary (+2.8%), communication services (+1.8%), and information technology (+1.7%) sectors all benefit from strong mega-cap leadership and occupy the top three spots on today's leaderboard as a result. 

Strength is solid in the broader market as well, with only the energy (-0.9%) and real estate (-0.1%) sectors trading lower. This morning's release of the November CPI Report showed a surprise decrease in the year-over-year inflation rate for both CPI (2.7%; prior: 3.0%) and Core CPI (2.6%; prior: 3.0%), which adds to the positive sentiment this morning. 

The small-cap Russell 2000 (+1.4%) and S&P Mid Cap 400 (+1.2%) hold gains similar to that of their larger-cap counterparts. 

Advancers currently outpace decliners by a roughly 3-to-1 margin on both the NYSE and the Nasdaq.