Stock Market Update

[BRIEFING.COM] The stock market opened on an upbeat note. The S&P 500 (+0.3%) and Nasdaq Composite (-0.1%) are trailing the Dow Jones Industrial Average (+1.1%) and Russell 2000 (+1.5%) due to losses in some mega cap names.

NVIDIA (NVDA 126.19, -2.20, -1.7%), Microsoft (MSFT 451.64, -2.31, -0.5%), Broadcom (AVGO 168.55, -2.87, -1.7%), Meta Platforms (META 494.12, -2.01, -0.4%), and Tesla (TSLA 249.74, -3.34, -1.3%) are among the influential losers so far.

Meanwhile, the equal-weighted S&P 500 sports a 1.0% gain, reflecting buying activity under the index surface. Advancers lead decliners by a 9-to-2 margin at the NYSE and by a nearly 3-to-1 margin at the Nasdaq.

Business inventories rose 0.5% in May (Briefing.com consensus 0.3%) following a 0.3% increase in April.

The NAHB Housing Market Index dropped to 42 in July (Briefing.com consensus 44) from 43 in June.