Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.6%) is off to a higher start with nine sectors displaying early gains, including top-weighted technology (+0.4%).

The technology sector has been bolstered by NVIDIA (NVDA 155.35, +1.04, +0.7%) reaching a new all time high and in turn eclipsing Microsoft (MSFT 494.20, +1.93, +0.4%) as the world's largest company by market cap.

Micron (MU 126.24, -1.07, -0.8%) reported strong Q3 results and issued above-consensus guidance for Q4. The industry group is showing early strength even though Micron has faced some profit taking after rallying nearly 35.0% between the end of May and yesterday's close. Relative strength among chipmakers has the PHLX Semiconductor Index rising 0.8%, widening its week-to-date gains to 4.5%.

Other notable movers in the sector include Enphase Energy (ENPH 42.06, +3.95, +10.4%), Arista Networks (ANET 101.50, +5.19, +5.4%), and Dell (DELL 125.45, +4.99, +4.1%).