Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.2%), and DJIA (+0.6%) continue to move higher this morning, with the S&P 500 reclaiming its 50-day moving average (6,894.53). 

The top-weighted information technology sector (+1.6%) now holds the widest gain an hour into the session. 

Encouragingly, software stocks are finally garnering some buying support after fears of AI disruption have caused a prolonged bout of weakness across the group. The iShares GS Software ETF is up 1.6%.

Cadence Design (CDNS 306.38, +22.92, +8.08%) is the top mover in the technology sector after Rosenblatt upgraded the stock to Buy from Neutral, while Palantir Technologies (PLTR 140.68, +7.66, +5.75%) and AppLovin (APP 397.71, +21.33, +5.67%) also move sharply higher. 

Elsewhere in the sector, chipmakers are also putting together a solid session, with the PHLX Semiconductor Index up 1.8%.