Sony Group Corporation (NYSE:SONY) shares traded higher Wednesday as investors reacted to a major music catalog acquisition by the company's publishing arm and continued buying into large-cap growth and entertainment stocks.

The Nasdaq gained 0.90%, while the S&P 500 advanced 0.49%, supporting broader momentum across tech-linked names.

Sony Expands Music Catalog Portfolio

Sony Music Publishing, the publishing arm of Sony Music Group and one of the world's largest music publishers, agreed to acquire the full catalog of Recognition Music Group from Blackstone Inc. (NYSE:BX) in a deal reportedly valued at roughly $4 billion, according to the Financial Times.

The acquisition adds more than 45,000 songs to Sony's portfolio, including works from Beyoncé, Bruno Mars, Lady Gaga, Rihanna, Shakira, Mariah Carey, Bon Jovi, Fleetwood Mac and Red Hot Chili ...