Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.6%) currently trades above its all-time closing high, while the DJIA (+1.9%) expands further into its own record territory, and the Nasdaq Composite (+2.1%) slightly outperforms the group. 

Stocks are largely on the advance after Fed Chair Powell's speech bolstered the probability of a September rate cut.

Mega-cap stocks, which had underperformed this week, see gains in line with the broader market, as the Vanguard Mega Cap Growth ETF holds a 1.7% gain on the day. 

The Russell 2000 has surged 3.9%, signalling a clear risk-on mentality as the market anticipates a friendlier rate environment. The S&P Mid Cap 400 has added 2.9% as well. 

Breadth figures denote the reaches of today's advance, with advancers outpacing decliners by a nearly 24-to-1 margin on the NYSE and a greater than 8-to-1 clip on the Nasdaq. 

Only the defensive consumer staples sector (-0.1%) holds a slight loss as investors look for growth over value today today.