Stock Market Update

[BRIEFING.COM] The stock market had a solid showing today. The major indices all jumped more than 1.0%, which had the S&P 500 (+1.02%) close above 5,600 for the first time. Today's trade featured below-average volume related to hesitation in front of the June Consumer Price Index tomorrow and the start of earnings season on Friday.

Strength in mega cap and semiconductor-related names boosted the broader market. The PHLX Semiconductor Index (SOX) logged a 2.4% gain and the Vanguard Mega Cap Growth ETF (MGK) jumped 1.0%. NVIDIA (NVDA 134.93, +3.55, +2.7%), Apple (AAPL 232.98, +4.30, +1.8%), Microsoft (MSFT 466.25, +6.71, +1.5%), and Alphabet (GOOG 192.66, +2.22, +1.2%) were among the top performing names from the spaces.

Bank stocks also outperformed the broader market in front of earnings results from some big banks on Friday. This price action led the SPDR S&P Bank ETF (KBE) to gain 2.0% and the SPDR Regional Banking ETF (KRE) to close with a 2.2% gain. Citigroup (C 66.98, +0.43, +0.7%) and JPMorgan Chase (JPM 207.80, +0.17, +0.1%) closed higher ahead of their reports and Wells Fargo (WFC 59.72, -0.16, -0.3%) logged a slim decline.

Many names participated in upside moves. The equal-weighted S&P 500 logged a 0.8% gain and all 11 S&P 500 sectors closed higher. The heavily-weighted information technology sector (+1.6%) led the pack and the financial sector (+0.4%) brought up the rear.

Fed Chairman Powell concluded his two-day semiannual testimony on monetary policy with an appearance before the House Financial Services Committee, which didn't produce any surprises like yesterday's remarks to the Senate.

The 10-yr note yield dropped two basis points to 4.28% and the 2-yr note yield settled unchanged from yesterday at 4.63%. This price action was partially in response to a strong $39 billion 10-yr note reopening.

• Nasdaq Composite: +24.2% YTD
• S&P 500: +18.1% YTD
• Dow Jones Industrial Average: +5.4% YTD
• S&P Midcap 400: +5.1% YTD
• Russell 2000: +1.2% YTD

Looking ahead, Thursday's calendar features the June Consumer Price Index at 8:30 ET. Other data include:

• 8:30 ET: Weekly jobless claims report
• 10:30 ET: Weekly EIA Natural Gas Inventories
• 14:00 ET: June Treasury Budget 

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index dropped 0.2% after a 2.6% decline last week
• Wholesale inventories increased 0.2% in May (Briefing.com consensus 0.6%) following a revised 0.2% increase in April (from 0.1%)
• Weekly EIA Crude Oil Inventories showed a draw of 3.44 million barrels versus last week's draw of 12.16 million barrels