Stock Market Update

[BRIEFING.COM] The stock market's opening gains quickly propelled the S&P 500 (+0.2%) and Nasdaq Composite (+0.5%) to new all-time high levels, while the DJIA (+0.1%) holds a more modest gain.

Equities moved higher after the August payroll report landed on the softer side, locking in a September rate cut and bolstering further rate cut expectations.

Seven S&P 500 sectors trade higher, led by the real estate (+1.3%), materials (+1.0%), consumer discretionary (+0.9%), and communication service (+0.8%) sectors. 

Within the consumer discretionary sector, Tesla (TSLA 354.79, +16.26, +4.80%) trades higher after Bloomberg reported that the Trump administration is seeking to ease safety requirements on vehicles that will make it significantly easier for companies to deploy self-driving cars. 

On the contrary, lululemon athletica (LULU 173.92, -32.17, -15.61%) is the top laggard in the S&P 500 after the stock was downgraded by a number of firms following the company's earnings report that featured an earnings beat but significant downside guidance.