Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+1.0%), and DJIA (-0.3%) are little changed after the opening as mega-cap names continue to trade higher, while the rest of the market lags behind.

The gap between the mega-cap cohort and the rest of the market is reflected in the outperformance of the market-weighted S&P 500 (+0.4%) over the S&P 500 Equal Weighted Index (-0.3%).

Outside of the mega-cap realm, the SPDR S&P 500 Retail ETF (+0.4%) holds an early gain, with shares of Macy's (M 16.13, +2.64, +19.58%) trading sharply higher after the company beat EPS expectations by $0.22, beat revenue expectations, and guided FY26 EPS in-line with revenues above consensus. The company reported comparable sales up 0.8% on an owned basis and up 1.9% on a comparable owned-plus-licensed-plus-marketplace basis, above the company's guidance, benefiting from positive comparable sales across nameplates.

Macy's move is enough to offset losses in Dollar Tree (DLTR 102.55, -8.80, -7.90%), with shares falling after the company issued a flat Q3 EPS outlook despite beating EPS and revenue expectations and raising FY26 guidance across the board.