Stock Market Update

[BRIEFING.COM] The major averages continue to trade higher just after midday as solid tech gains outweigh some volatility elsewhere.

Several of today's top movers in tech are not S&P 500 components, though Marvell's (MRVL 300.18, +36.71, +13.93%) sharp gain follows news that the stock will join the index prior to the market open on June 22.

Meanwhile, Cerebras Systems (CBRS 239.07, +38.06, +18.93%) is launching higher on quiet-period expiration day after the majority of Wall Street initiations landed on the bullish side, helping revive momentum in a stock that had been in freefall since its remarkable May 14 debut. Highlights included Morgan Stanley initiating at Overweight with a $250 price target and Citi starting at Buy with a $340 target, roughly 45% above current levels, reinforcing the view that analysts still see meaningful upside despite the stock trading 43% below its $350 IPO opening price prior to today's move.