Major indices are higher as yields and oil move lower, with the exception of the small-cap Russell 2000.

Momentum continues, with both the S&P 500 (SPY) and Nasdaq (COMPQ) making new highs again.

Health Care (XLV) is the only sector in the red, taking a marginal dip, with weakness coming from diagnostic and research names. Utilities (XLU) are the clear front runner today, with strength in nuclear names after Constellation Energy (CEG) struck a 20-year nuclear power deal with Google (GOOGL) and Vistra (VST) secured a $4.2 billion federal loan commitment from the Energy Department yesterday afternoon. Real Estate (XLRE) is the runner-up, led by data center REITs, followed by Industrials (XLI), with strength in AI-related names, as the AI buildout and power theme takes center stage. Consumer Discretionary (XLY) also sees broad strength, particularly in home construction, auto parts, and travel-related names.

Chips Ahoy

Marvell Technology (MRVL) raised its fiscal 2028 revenue outlook to roughly $20 billion from $18 billion at its Investor Day and laid out a path to as much as $90 billion in revenue by fiscal 2031, a sign of how much runway remains in the AI infrastructure buildout. Management sees its addressable AI market reaching about $400 billion by 2030, with custom silicon programs for hyperscalers driving much of the growth.

Applied Materials (AMAT) is deepening its partnership with Intel (INTC) at Applied's new EPIC Center in Silicon Valley to speed development of next-generation transistors, interconnects, and advanced packaging for AI chips.

Economic Data

The Atlanta Fed's GDPNow model is tracking third-quarter real GDP growth at 3.7%, unchanged from last week, as slightly firmer consumer spending and investment nowcasts were offset by a bigger drag from net exports.