Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%) now sits less than five points below its all-time high of 7,002.28.

Robinhood Markets (HOOD 86.73, +7.64, +9.66%) is the best-performing S&P 500 name today after the SEC approved a proposal from FINRA to eliminate the current day trading margin requirements, including the definition of "day trading" and "pattern day trader," as well as the computation and use of day-trading buying power, and the $25,000 minimum equity requirement, and replace these provisions with new intraday margin requirements.

Elsewhere in the financials sector (+0.7%), asset managers such as Ares Management (ARES 120.18, +7.57, +6.72%) and Apollo Global Management (APO 120.26, +5.44, +4.74%) outperform, while strength is mixed across major banking names in reaction to earnings.