Stock Market Update

[BRIEFING.COM] The stock market had a solid showing, leading the Dow Jones Industrial Average (+0.5%) to close at a fresh all-time high. The Russell 2000 continued its recent outperformance, jumping 1.8%, while the S&P 500 and Nasdaq Composite gained 0.3% and 0.4%, respectively. 

Advancers led decliners by a 3-to-2 margin at both the NYSE and at the Nasdaq.

Outperforming bank stocks contributed to the upside bias today amid ongoing earnings news from the space. Goldman Sachs (GS 492.23, +12.35, +2.6%) was a winning standout after reporting earnings this morning. The SPDR S&P Bank ETF (KBE) closed 2.7% higher and the SPDR S&P Regional Banking ETF (KRE) jumped 2.9%.

The S&P 500 financial sector was a top performer, closing 1.4% higher. The only sector to close with a larger gain was energy, which jumped 1.6%. Meanwhile, the utilities sector was the worst performer by a wide margin, falling 2.4%.

The positive bias today was also related to the notion that this weekend's assassination attempt on former President Trump has increased his chances of winning the election in November. Mr. Trump is deemed by many to be a more market-friendly candidate due in part to his aim of deregulation and lower corporate tax rates.

An early rise in market rates was also attributed to the belief that former President Trump is likely to win in November, but Treasuries settled below their high yields. The 10-yr note yield settled four basis higher points to 4.23% after hitting 4.45% and the 2-yr note yield dropped one basis point to 4.45% after hitting 4.47%.

• Nasdaq Composite: +23.1% YTD
• S&P 500: +18.1% YTD
• S&P Midcap 400: +9.3% YTD
• Russell 2000: +7.9% YTD
• Dow Jones Industrial Average: +6.7% YTD

Reviewing today's economic data:

• July NY Fed Empire State Manufacturing -6.6 (Briefing.com consensus -6.0); Prior -6.0

Looking ahead to Tuesday:

• 8:30 ET: June Retail Sales (Briefing.com consensus -0.1%; prior 0.1%), Retail Sales ex-auto (Briefing.com consensus 0.2%; prior -0.1%), June Import Prices (prior -0.4%), Import Prices ex-oil (prior -0.3%), Export Prices (prior -0.6%), and Export Prices ex-agriculture (prior -0.8%)
• 10:00 ET: May Business Inventories (Briefing.com consensus 0.3%; prior 0.3%) and July NAHB Housing Market Index (Briefing.com consensus 44; prior 43)