Stock Market Update

[BRIEFING.COM] Today's trade features an upside bias. Advancers have a nearly 2-to-1 lead over decliners at the NYSE and 3-to-2 lead at the Nasdaq. The three major indices have pulled back from session highs, but maintain gains ranging from 0.51% to 0.64%.

The Russell 2000 has continued its recent outperformance so far today, trading 1.8% higher. 

Only three of the S&P 500 sectors trade lower -- utilities (-1.8%), health care (-0.3%), consumer staples (-0.2%) -- while the energy sector leads the outperformers, trading 2.1% higher. The heavily-weighted financial sector is the next best performer, up 1.4%.

The price action in the financial sector is driven by strength in bank stocks amid ongoing earnings news from the space. Goldman Sachs (GS 484.98, +5.10, +1.1%) and Blackrock (BLK 832.43, +4.45, +0.5%) are higher after reporting earnings this morning. The SPDR S&P Bank ETF (KBE) shows a 3.1% gain and the SPDR S&P Regional Banking ETF (KRE) shows a 3.4% gain.

The positive bias today has been attributed to the notion that this weekend's assassination attempt on former President Trump has increased his chances of winning the election in November.

An early rise in market rates was also attributed to the belief that former President Trump is likely to win in November, but Treasuries are below their high yields now. The 10-yr note yield was at 4.25% earlier, but sits at 4.23% now, which is four basis points higher than Friday's settlement. The 2-yr note yield moved from 4.46% to 4.45%. 

Reviewing today's economic data:

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