Stock Market Update

[BRIEFING.COM] The DJIA (+0.2%) reaches its best level of the session, while the S&P 500 (+0.5%) and the Nasdaq Composite (+0.6%) hold modestly higher gains. 

The consumer discretionary sector (+1.4%) is the best-performing S&P 500 sector, benefiting from a combination of earnings, upgrades, and momentum.

McDonald's (MCD 307.98, +9.21, +3.1%) is trading higher after reporting earnings results for Q2 that were noticeably better than recent quarters, with an EPS beat of $0.05 and a 5.4% rise in year-over-year revenues, the best metrics since 4Q23. The stock now trades above its 200-day moving average (301.22). 

CarMax (KMX 57.57, +1.47, +2.6%) also trades higher after being upgraded to Neutral from Underweight at JPMorgan.

The sector also sees strong leadership in Tesla (TSLA 316.98, +8.26, +2.7%), which continues to trade higher following the announcement of a lucrative new stock package for CEO Elon Musk that seeks to keep him seated at the helm of the company.