Stock Market Update

[BRIEFING.COM] The market's budding buy-the-dip move this morning recently met a wave of corporate developments in the tech world, sending the S&P 500 (+0.4%) and Nasdaq Composite (+0.6%) to new record high levels after spending most of the morning in negative territory. 

Meanwhile, the DJIA (+0.1%) holds a smaller gain, as does the small-cap Russell 2000 (+0.1%), while the S&P Mid Cap 400 (-0.3%) lags.

The market benefits from five S&P 500 sectors currently trading above their baselines, though the information technology sector (+1.5%) is by far the top contributor to the index level advance. 

Apple (AAPL 253.60, +8.10, +3.30%) set the pace early, trading higher amid more reports of strong demand for the iPhone 17.

Oracle (ORCL 324.46, +15.80, +5.12%) rallied as President Trump was reported to be finalizing a deal that would place TikTok under a U.S. consortium with Oracle overseeing security operations. The company also unveiled leadership changes, naming Clay Magouyrk, formerly President of Oracle Cloud Infrastructure, and Mike Sicilia, formerly President of Oracle Industries, as co-CEOs to advance its AI and cloud initiatives.

Most recently, shares of NVIDIA (NVDA 184.27, +7.67, +4.34%) climbed after announcing a strategic partnership with OpenAI to provide at least 10 gigawatts of its systems for OpenAI's next-generation AI infrastructure, supporting model training and deployment on the path toward superintelligence. With relative strength to be found among other chipmakers, the PHLX Semiconductor Index is up 1.4% today.

The Vanguard Mega Cap Growth ETF has advanced 0.8% so far, with the market-weighted S&P 500 (+0.4%) outperforming the S&P 500 Equal Weighted Index (-0.1%). 

In addition to today's corporate headlines, the market has heard from several Fed officials on the heels of last week's FOMC meeting. St. Louis Fed President Alberto Musalem (FOMC voting member) supported the 25-basis point cut to the fed funds rate at last week's FOMC meeting, noting that monetary policy now lies in an appropriate stance between modestly restrictive and neutral.

Meanwhile, Fed Governor Stephen Miran (FOMC voting member) described the current monetary policy as overly restrictive. 

There were no economic data releases of note, but the market will also hear from New York Fed President John Williams (FOMC voting member) this afternoon.