Stock Market Update

[BRIEFING.COM] Today's economic data has worked in the stock market's favor: in May personal income was up, personal spending was up, and PCE price inflation moderated; the Chicago PMI for June picked up to 47.4 from 35.4; and the final University of Michigan index of Consumer Sentiment was revised up to 68.2 from 65.6 while year-ahead and long-run inflation expectations were revised lower from the preliminary report.

The latter facilitated a new leg higher in the opening advance that can be deemed a broad-based advance.

Advancers lead decliners by a better than 2-to-1 margin at the NYSE and by an 11-to-7 margin at the Nasdaq. The Vanguard Mega-Cap Growth ETF (MGK) is up 0.7%; the equal-weighted S&P 500 is up 0.5%; and the Russell 2000 is up 0.6%.

Currently, nine of the 11 S&P 500 sectors are trading higher with the most heavily-weighted sector -- information technology (+1.3%) -- leading the gains. the consumer discretionary sector (-0.2%) is doing better than it looks, but a 19% decline in Dow component Nike (NKE 76.16, -18.03, -19.1%), which provided a disappointing FY25 sales outlook, is weighing heavily.