Stock Market Update

[BRIEFING.COM] The stock market shows losses across the board at the index level, but major indices have moved off their opening lows. The S&P 500 was down more than 100 points at its intraday low, but trades about 30 points lower now, or 0.6%. The Nasdaq Composite traded down as much as 1.9% at its low, but the index shows a 0.6% decline. The Dow Jones Industrial Average, which trades about 265 points lower than Friday, was down more than 700 points at its morning low.

The relative improvement reflects buy-the-dip interest after the S&P 500 dropped below its 50-day moving average (5,942). NVIDIA (NVDA 139.61, +2.62, +1.9%) is an influential winner, benefitting from renewed buying activity. Shares had been down as much as 2.2% at session lows.  

The overall vibe in the market is still negative, though. Decliners have a roughly 2-to-1 lead over advancers at both the NYSE and at the Nasdaq. The equal-weighted S&P 500 is 0.9% lower and nine S&P 500 sectors are in the red. This price action reflects some profit-taking after a strong year and some hesitation in front of the New Year's holiday closures.

Only one S&P 500 sector has traded higher -- energy (+0.2%) -- amid rising commodity prices. WTI crude oil futures are 1.1% higher at $71.40/bbl and natural gas futures are 9.6% higher at $3.25/mmbtu. The consumer discretionary sector shows the largest decline, down 1.2% from Friday. 

Treasury yields are holding steady now after dropping earlier. The 10-yr yield is at 4.55% and the 2-yr yield is at 4.26%.

Reviewing today's economic data:

• December Chicago PMI 36.9 (Briefing.com consensus 42.7); Prior 40.1
• November Pending Home Sales 2.2% (Briefing.com consensus 0.9%); Prior was revised to 1.8% from 2.0%