Stock Market Update

[BRIEFING.COM] Stocks are mostly higher just after the open, with the S&P 500 (+0.6%) and Nasdaq Composite (+1.1%) jumping ahead early as mega-cap tech and semiconductor stocks surge. The DJIA (+0.2%) is higher as well, though its gain is capped as a retreat in oil prices weighs on its energy components and the rally in tech takes some wind out of more defensive pockets of the market.

Seven S&P 500 sectors are higher, led by the communication services sector (+2.3%) as Meta Platforms (META 711.39, +46.16, +6.94%) jumps out to an impressive early gain following several brokerage updates in response to its personal AI agent, Muse, which reached the top spot on the App Store shortly after launch. Alphabet (GOOG 348.92, +4.50, +1.31%) is firmly higher as well.

The information technology sector also holds a solid gain as semiconductor and software names both move higher this morning. The PHLX Semiconductor Index is up 2.3%, with Advanced Micro Devices (AMD 608.13, +48.31, +8.63%)reaching a new all-time high and crossing $600 per share for the first time.

Meanwhile, the energy sector (-1.6%) retreats as crude oil falls nearly 4% to below $97 per barrel, while the defensive consumer staples (-0.5%) and utilities (-0.4%) sectors also lag amid the enthusiasm surrounding growth stocks.