Stocks are racing ahead today, with tech stocks out in front.

The S&P 500 is climbing in Thursday morning trading, up about 1.7%. Its IT sector was recently up some 3.4%, while the communications services sector—home to companies like Facebook parent Meta Platforms ( META ), Netflix ( NFLX ) and Alphabet ( GOOGL )—was ahead by 2.4%. The consumer discretionary sector, which includes Tesla ( TSLA ) and Airbnb ( ABNB ), was up about 2%.

All of the Magnificent Seven stocks—Meta, Alphabet and Tesla, as well as Microsoft ( MSFT ), Nvidia ( NVDA ), Amazon ( AMZN ) and Apple ( AAPL )—were recently in the green, led by Tesla and Nvidia. The PHLX Semiconductor Index was up close to 5%.

The Federal Reserve yesterday kicked off a rate-cutting cycle, cutting its benchmark rate by 50 basis points and setting the table for further cuts ahead . Today that’s been good news for tech stocks, as well as leading cryptocurrencies. Bitcoin recently traded around $63,255.

Not all of the benchmark S&P 500 was rising. Staples, utilities and real estate stocks were recently in the red. The blue-chip Dow industrials also rose, though a third of its components were recently in retreat.