Stock Market Update

[BRIEFING.COM] The stock market has exhibited mixed action at the index level on the final session of the year. The major indices started the day in rebound-mode after recent declines, but early buyer enthusiasm has dissipated. The Dow Jones Industrial Average is 0.1% lower, the S&P 500 sports a 0.3% decline, and the Nasdaq Composite trades 0.5% lower.

Downside moves coincided with the 10-yr Treasury note yield moving sharply higher. The 10-yr yield was at 4.53% earlier, but sits at 4.57% now. 

Losses in the mega cap space have an outsized impact on index performance. The Vanguard Mega Cap Growth ETF (MGK) trades 0.8% lower, sitting on a 32.5% gain this year. Tesla (TSLA 411.59, -5.82, -1.4%), NVIDIA (NVDA 134.72, -2.78, -2.0%), and Apple (AAPL 250.48, -1.72, -0.7%) are some of the influential losers in the space after registering huge gains this year. TSLA shares are 65.7% higher in 2024, NVDA shares are 172.9% higher since the start of the year, and AAPL shares sit on a 30.2% gain this year.

Market breadth is mixed despite the negative showing at the index level. Advancers lead decliners by a 4-to-3 margin at the NYSE and decliners lead advancers by a 3-to-2 margin at the Nasdaq. S&P 500 sector performance has also been mixed. Five sectors trade up led by energy (+1.4%) by a wide margin amid rising oil prices ($71.85/bbl, +0.86, +1.2%). 

The information technology (-0.7%) and consumer discretionary (-0.3%) sectors are the worst performers today, but stand among the top performers on the year. The information technology sector is 36.2% higher in 2024 and the consumer discretionary sector sits on a 30.0% gain.

Reviewing today's economic data:

• October FHFA Housing Price Index 0.4%; Prior 0.7%
• October S&P Case-Shiller Home Price Index 4.2% (Briefing.com consensus 4.2%); Prior 4.6%