Stock Market Update

[BRIEFING.COM] The stock market had a solid showing today despite index-level performance. The S&P 500 (-0.3%) and the Nasdaq Composite (-1.1%) closed at their lows of the session, weighed down by a solid loss in NVIDIA (NVDA 118.11, -8.46, -6.7%) and declines in other mega cap stocks due to profit-taking activity. 

Amazon.com (AMZN 185.57, -3.51, -1.9%), Microsoft (MSFT 447.67, -2.11, -0.5%), and Broadcom (AVGO 1592.21, -61.17, -3.7%) were standouts in that respect. Other semiconductor stocks like Super Micro Computer (SMCI 826.98, -78.28, -8.7%) and Qualcomm (QCOM 200.84, -11.69, -5.5%) were also among the influential laggards today. The PHLX Semiconductor Index (SOX) declined 3.0% today.

Still, buying activity was fairly robust in the "rest" of the market. The Dow Jones Industrial Average logged a 0.7% gain and the Russell 2000 closed 0.4% higher. The equal-weighted S&P 500 settled 0.5% higher.

Energy-related names and bank stocks were among the top performers today. This price action boosted the S&P 500 energy (+2.7%) and financial (+1.0%) sectors.

Energy shares outperformed amid rising commodity prices. WTI crude oil futures settled 1.2% higher at $81.63/bbl and natural gas futures settled 3.7% higher at $2.81/mmbtu. Bank stocks outperformed in front of the Fed's stress test results on Wednesday at 4:30pm ET. The SPDR S&P Bank ETF (KBE) rose 1.9%. 

There was no influential economic data today, but Tuesday's calendar includes the June Consumer Confidence (Briefing.com consensus 100.0; prior 102.0) report at 10:00 a.m. ET. Also, the U.S. Treasury will hold a $69 billion 2-yr Treasury note offering tomorrow with results at 1:00 p.m. ET. 

The 10-yr note yield settled one basis points lower at 4.25% and the 2-yr note yield settled unchanged at 4.73%.