Stock Market Update

[BRIEFING.COM] The stock market is holding up okay on this quadruple witching options expiration day. Volume is above-average at both the NYSE and at the Nasdaq, but there isn't a lot of conviction on either side of the tape. Decliners lead advancers by a roughly 11-to-10 margin at the NYSE and at the Nasdaq.

Solid declines in NVIDIA (NVDA 127.52, -3.24, -2.5%), Meta Platforms (META 493.45, -8.25, -1.6%), and Broadcom (AVGO 1693.77, -40.79, -2.3%) have limited index performance while gains in other mega cap provide some offsetting support. 

Apple (AAPL 210.28, +0.60, +0.3%), Microsoft (MSFT 448.72, +3.02, +0.7%), Alphabet (GOOG 181.83, +4.12, +2.3%), Amazon (AMZN 186.96, +0.87, +0.5%), and Eli Lilly (LLY 887.70, +1.71, +0.2%) are standouts in that respect. 

Four of the S&P 500 sectors trade higher and seven trade lower, but none of the sectors are moving more than 0.7% in either direction, reflecting mixed action. The heavily-weighted financials (-0.4%) and information technology (-0.3%) sectors are the worst performers so far. Meanwhile, the communication services (+0.7%) and consumer discretionary (+0.4%) sectors are showing the largest gains.

The price action in Treasuries has acted as another limiting factor for equities. The 2-yr note yield is up one basis point to 4.74% and the 10-yr note yield is up one basis point to 4.26%.

Reviewing today's economic data:

• June S&P Global US Manufacturing PMI - Prelim 51.7; Prior 51.3
• June S&P Global US Services PMI - Preliminary 55.1; Prior 54.8
• May Existing Home Sales 4.11 mln (Briefing.com consensus 4.10 mln); Prior 4.14 mln
  • The key takeaway from the report is that there was a pickup in inventory of homes for sale; however, inventory overall remains constrained, which is leading to ongoing price gains that continue to pose affordability pressures, along with elevated mortgage rates, for prospective buyers.
• May Leading Indicators -0.5% (Briefing.com consensus -0.3%); Prior -0.6%