Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.6%) and Nasdaq Composite (+1.0%) hold solid gains just before midday as mega-cap tech stocks provide firm leadership. Mixed action across the broader market has kept the DJIA (+0.1%) in close proximity to its flat line throughout the session.

Equity futures moved higher this morning following slightly cooler-than-expected inflation readings in the August Personal Income and Spending report. The PCE Price Index increased 0.3% month-over-month (Briefing.com consensus: 0.4%), while the core PCE Price Index, which excludes food and energy, rose 0.2% (Briefing.com consensus: 0.3%).

Breadth figures have tightened since the open, with advancers holding just a slim advantage over decliners on the NYSE while advancers outpace decliners by a roughly 3-to-2 ratio on the Nasdaq.

Five S&P 500 sectors trade higher, led by the communication services (+1.4%) and information technology (+1.2%) sectors as the "Magnificent Seven" cohort trades mostly higher today with several sturdy gains in the mix. Alphabet (GOOG 347.89, +10.57, +3.13%) and Apple (AAPL 337.46, +8.06, +2.45%) are among the standouts, and the Vanguard Mega Cap Growth ETF is up 1.0%, helping the market-weighted S&P 500 (+0.6%) outperform the S&P 500 Equal Weighted Index (-0.1%).

The energy sector (+0.8%) is another standout as crude oil rises $2.03 (+2.3%) to $91.41 per barrel amid a relatively quiet morning of geopolitical headlines. Losses are relatively modest across the six S&P 500 sectors that trade lower, limited to 0.6% or narrower.