Stock Market Update

[BRIEFING.COM] The major averages have dipped slightly from their session highs, though the S&P 500 and Nasdaq Composite both maintain a modest gain of 0.1%.

Seven sectors trade in positive territory, with the communication services sector (+0.6%) among the best performers.

The sector benefits from strong leadership from Alphabet (GOOG 193.74, +2.22, +1.2%) after the internet giant beat quarterly expectations and raised its capital spending guidance.

Cellular providers are also a point of strength today following earnings from T-Mobile US (TMUS 248.13, +14.20, +6.1%) that saw the company beat EPS expectations by $0.16. The stock is the best performer in the sector, rallying past its 50-day (235.37) and 200-day (239.13) moving averages to its best level since early May.

AT&T (T 28.00, +0.24, +0.9%) and Verizon (VZ 43.07, +0.23, +0.5%) also trade higher today.