Stock Market Update

[BRIEFING.COM] The stock market took a breather after a solid run since the election results last week. Losses were muted, though, compared to gains since last Tuesday's close. The Russell 2000 fell 1.8% today, which leaves the index up 5.8% since the election. 

Downside moves were fueled by profit-taking, along with rising market rates. The 10-yr yield settled 12 basis points higher at 4.43% and the 2-yr yield settled nine basis points higher at 4.34%.

Many stocks moved lower due to broad selling interest. The Invesco S&P 500 Equal Weight ETF (RSP) declined 0.8% and nine S&P 500 sectors registered losses. The consumer discretionary sector (-1.1%) was among the worst performers, clipped by losses in Tesla (TSLA 328.49, -21.51, -6.2%) and Home Depot (HD 403.08, -5.21, -1.3%). TSLA shares fell under consolidation efforts and HD shares responded to earnings news. 

Gains in some mega cap names provided some offsetting support to the broader equity market. Microsoft (MSFT 423.03, +5.02, +1.2%) and NVIDIA (NVDA 148.29, +3.03, +2.1%) were standouts in that respect.

The New York Fed released its Survey of Consumer Expectations for October was released this morning, but received a muted response from equities. It showed that year-ahead inflation expectations dipped to 2.9% from 3.0% while the three-year outlook decreased to 2.5% from 2.7%, and the five-year expectations dipped to 2.8% from 2.9%.

Today's economic data was limited to the NFIB Small Business Optimism survey, which rose to 93.7 in October from 91.5 in September. Wednesday's calendar features the October Consumer Price Index and core-Consumer Price Index at 8:30 ET. 

• Nasdaq Composite: +28.5%
• S&P 500: +25.5%
• S&P Midcap 400: +18.4%
• Russell 2000: +18.0%
• Dow Jones Industrial Average: +16.5%