Stock Market Update

[BRIEFING.COM] The stock market has exhibited lackluster action at the index level. The S&P 500 (-0.03%), Nasdaq Composite (+0.1%), and Dow Jones Industrial Average (-0.1%) trade close to the unchanged mark while the Russell 2000 sports a 0.3% gain.

Outsized moves are mostly reserved for stocks with specific catalysts. Oracle (ORCL 175.37, -15.09, -7.9%) shares are sinking after coming up shy of the fiscal Q2 consensus EPS estimate compiled by FactSet and issuing fiscal Q3 guidance that was below expectations.

Alaska Air (ALK 61.63, +7.44, +13.6%) is soaring after its impressive three-year strategic plan ahead of its Investor Day and FY25 EPS guidance that was above the current consensus estimate. Alphabet (GOOG 185.09, +7.99, +4.5%) is another winning standout, trading up as much as 6.2% at its high after yesterday's unveiling of its new Willow quantum computing chip. Also, Piper Sandler named the stock a Top Pick.

The lackluster moves in the major indices reflect some hesitation in front of tomorrow's release of the November Consumer Price Index. Treasury yields are slightly higher in front of the report, keeping buying in check in equities. The 10-yr yield is up three basis points to 4.23% and the 2-yr yield is up three basis points to 4.16%.

Reviewing today's economic data: 

• November NFIB Small Business Optimism 101.7; Prior 93.7
• Q3 Productivity-Rev. 2.2% (Briefing.com consensus 2.2%); Prior 2.2%, Q3 Unit Labor Costs-Rev. 0.8% (Briefing.com consensus 1.9%); Prior 1.9%
  • The key takeaway from the report is the inflation-friendly indicator of unit labor costs rising in more modest proportions in the third quarter.