Stock Market Update

[BRIEFING.COM] The major indices are mostly trading higher. The S&P 500 is up 0.3%, approaching the 5,600 level, and the Nasdaq Composite shows a 0.5% gain. Today's price action is driven by upside momentum and ongoing buying in mega cap stocks. 

Advancers lead decliners by a 2-to-1 margin at the NYSE and by a 3-to-2 margin at the Nasdaq. Nine of the S&P 500 sectors are higher led by information technology (+0.9%), materials (+0.7%), and communication services (+0.4%). The financial sector shows the "biggest" decline, down 0.2%.

Wholesale inventories increased 0.2% in May (Briefing.com consensus 0.6%) following a revised 0.2% increase in April (from 0.1%). 

The 10-yr note yield is down one basis point to 4.29% and the 2-yr note yield is down one basis point to 4.62%.