Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.1%), and DJIA (+0.6%) trade modestly higher as the market enters the final hour of the session.

Strength is broad-based, with only the consumer staples (-1.5%) and energy (-1.3%) sectors remaining in negative territory. The consumer discretionary sector (+1.1%) now sits atop the sector leaderboard, supported by a handful of sharp post-earnings gains and solid mega-cap leadership from Tesla (TSLA 418.95, +1.69, +0.41%) and Amazon (AMZN 268.40, +3.39, +1.28%).

Tesla is continuing a bounce after a sharp selloff that began late last week and carried into Tuesday. The weakness was partly driven by positioning and sentiment pressure tied to the anticipation of the SpaceX (SPCX) IPO prospectus, which was released yesterday afternoon, as investors worried it could trigger capital rotation away from Tesla into a new Musk-linked public offering. With that catalyst now in the market, some of the pre-event de-risking appears to be reversing.

The Vanguard Mega Cap Growth ETF (+0.3%) is now modestly higher, though NVIDIA (NVDA 219.70, -3.78, -1.69%) remains a "magnificent seven" laggard.