The S&P 500 and the Nasdaq continue reaching new all-time highs as several mega-cap names trade higher today. Weakness in the broader market has kept the Dow Jones in red territory.

Market breadth shows more decliners than advancers on both the NYSE and NASDAQ. However, new highs still surpasses new lows, while up volume is well ahead of down volume on the NASDAQ.

Mega-cap names are getting a boost as the up volume funnels into a few names.

Five sectors are in the green, with Communication Services (XLC) leading the pack. The sector is being led by Warner Bros Discovery (WBD) and Paramount Skydance (PKSY) due to a potential merger between the two companies.

On the other hand, Materials (XLB) is the laggard.

The Fear & Greed Index looks to close the week edged right in between neutral and greed.

Economic Data

The Michigan Consumer Sentiment Preliminary report fell to 55.4 in September from 58.2 in August and below forecasts of 58.

Notable Points:

• Year-ahead inflation expectations stayed flat at 4.8%
• 5-year inflation expectations rose to 3.9% from 3.5%
• The expectations gauge fell to 51.8 from 55.9
• Current conditions edged lower to 61.2 from 61.7

Hoping everyone has a great weekend!

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