Stock Market Update

[BRIEFING.COM] The major indices are moving pretty comfortably in lockstep to the upside, bolstered by broad-based buying interest that has been stoked by the following considerations:

• Better-than-expected earnings reports and guidance from Macy's (M 22.05, +2.84, +15.0%), Dollar General (DG 216.82, +21.48, +11.0%), Dollar Tree Stores (DLTR 156.00, +22.41, +16.8%), and Williams-Sonoma (WSM 128.07, +13.09, +11.4%), which has triggered a sense of relief today about the current state of the consumer.
• NVIDIA (NVDA 175.04, +5.29, +3.1%) suffering a large decline (~10%) following its disappointing fiscal Q2 revenue guidance, but then rebounding into positive territory in a sign perhaps that the bad news had been priced in already.
• Shanghai officials touting the prospect of lockdowns ending next week.
• Expectations that month-end rebalancing by fund managers with underweight positions will work in favor of stocks.
• Budding hope that the Fed could slow its aggressive rate hike approach later in the year.

With today's gains, the S&P 500 has eclipsed the 4,000 level again and is poised to break a seven-week losing streak.

The S&P 500 consumer discretionary sector (+3.6%), which has been the biggest loser this month (-9.8%), quarter (-21.5%), and year (-28.8%), is today's best-performing sector. It has ample company. Every sector is up today with gains ranging from 0.5% to 3.6%. 

Given a market that is feeling better about growth prospects today, it is little surprise to see the counter-cyclical health care (+0.5%) and utilities (+0.8%) sectors trailing the action.