Stock Market Update

[BRIEFING.COM] Stocks are extending their solid start to the week at the open today as broad gains and firm tech leadership push the major averages higher. The S&P 500 (+0.6%) and Nasdaq Composite (+0.6%) captured new all-time highs with their opening gains, while the DJIA (+0.5%) holds a similar gain.

Similar to yesterday afternoon's action, participation is solid throughout the market, with nine S&P 500 sectors trading higher. The utilities sector (+1.8%) leads the advance as Constellation Energy (CEG 305.72, +38.10, +14.24%) soars out of the gate after the company struck a 20-year nuclear power deal tied to 890 MW of new PJM capacity with Alphabet (GOOG 342.46, -1.37, -0.40%). Several other electric utility names are also among the S&P 500's top performers, with lower Treasury yields acting as another tailwind for the sector.

The 2-year note yield is currently down two basis points to 5.29% as crude oil retreats again this morning, adding another catalyst to a market that largely overlooked yields moving higher yesterday.

The information technology sector (+0.9%) sees an extension of yesterday's strength. Software names remain strong, with the iShares GS Software ETF up 2.3%, while the PHLX Semiconductor (+1.0%) jumps out to a much hotter start compared to yesterday's action. NVIDIA (NVDA 242.26, +3.36, +1.41%) continues to move higher amid relative strength in both semiconductor and mega-cap stocks, with the Vanguard Mega Cap Growth ETF up 0.7%.

Meanwhile, Meta Platforms (META 739.66, -2.24, -0.30%) and Alphabet (GOOG 342.46, -1.37, -0.40%) are exceptions, giving back some of their previous strength, pushing the communication services sector (-0.5%) lower this morning. The energy sector (-0.6%) also lags amid lower oil prices.