Stock Market Update

[BRIEFING.COM] Early gains in the major averages have the S&P 500 and Nasdaq Composite testing their record high levels from yesterday, though so far there have been no catalysts to trigger a breakthrough.

Today's earnings results have been less consequential to the market as a whole, though there is likely some lingering optimism from Alphabet's (GOOG 194.04, +0.84, +0.43%) earnings report, which notably featured a $10 billion increase in capital expenditure to further AI development.

Nonetheless, there are still some notable individual moves. Aon (AON 376.61, +20.00, +5.6%) and Deckers Outdoor (DECK 118.26, +13.32, +12.7%) capture solid gains, while Intel (INTC 20.56, -2.06, -9.1%) faces pressure in the wake of earnings. 

Participation has been broad-based in the early going, with eight sectors currently trading in the green.

There is, however, some lingering selling activity from yesterday afternoon that limited growth in the major indices. Advancers trail decliners by a roughly 11-to-13 margin on the NYSE and a 2-to-3 margin on the Nasdaq.

Nonetheless, the major averages trade in a steady range with modest early gains as the markets look towards more consequential earnings next week and developments on the trade front.

In the meantime, the market is taking comfort in the idea that more favorable trade deals will come to fruition, with the White House set to meet with China next week and President Trump likening the probability of an EU trade deal to a coin flip.

The president also spoke more favorably of Fed Chair Jerome Powell today, remarking that the two had "a good meeting."