Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.5%), Nasdaq Composite (+1.9%), and DJIA (+1.9%) continue to trade higher following Fed Chair Powell's speech that the market interpreted as having dovish sentiment toward a September rate cut.

Ten S&P 500 sectors trade with gains, led by the consumer discretionary (+2.6%) and industrials (+2.2%) sectors. 

The sector benefits from strong leadership in its mega-cap components as Tesla (TSLA 336.15, +16.04, +5.01%) bounces off its 50-day moving average (321.34) and back above its 200-day moving average (328.37), while Amazon (AMZN 226.38, +4.43, +2.00%) bounces off its own 50-day moving average (222.37). 

Elsewhere in the sector, relative strength in homebuilder names amid growing rate cut expectations is putting the iShares U.S. Home Construction ETF (+5.6%) on course for its best close since late January.