Stock Market Update

[BRIEFING.COM] The stock market is in mostly solid shape today. Advancers have a nearly 3-to-1 lead over decliners at the NYSE and a 4-to-3 lead at the Nasdaq. The Dow Jones Industrial Average sports a 0.8% gain and the Russell 2000 is 0.7% higher than Friday.

NVIDIA's (NVDA 119.98, -6.58, -5.2%) performance has kept pressure on the S&P 500 (+0.1%) and Nasdaq Composite (-0.3%), along with losses in Amazon.com (AMZN 187.29, -1.75, -1.0%), Microsoft (MSFT 449.30, -0.50, -0.1%), and Broadcom (AVGO 1617.24, -36.13, -2.2%).

The aforementioned names are experiencing some profit-taking after solid gains this month. Broadcom is still up 21.7% in June, NVIDIA is nearly 10% higher this month, and Microsoft is up 8.3%.

Broad buying activity elsewhere has 23 of the 30 Dow components trading higher and nine of the 11 S&P 500 sectors sporting gains. Also, the equal-weighted 500 shows a 0.8% gain versus a 0.1% gain in the S&P 500.

Bank stocks are a pocket of strength ahead of the Fed's stress test results on Wednesday at 4:30pm ET. The SPDR S&P Bank ETF (KBE) is 2.0% higher and the SPDR S&P Regional Banking ETF (KRE) shows a 2.2% gain.

This strength is boosting the S&P 500 financial sector, which sports a 1.3% gain. The financial sector comprises 12% of the index. Bank of America (BAC 40.20, +0.72, +1.8%), Wells Fargo (WFC 59.14, +1.04, +1.8%), JPMorgan Chase (JPM 198.59, +2.29, +1.2%) are among the influential winners in the sector.

Treasury yields are little changed from Friday. The 10-yr note yield is unchanged at 4.26% and the 2-yr note yield is up one basis point to 4.74%.