Stock Market Update

[BRIEFING.COM] It's been a lackluster session at the index-level thus far. The major indices have traded slightly higher and slightly lower than prior closing levels due to a lack of conviction on either side of the tape. Advancers have a 3-to-2 lead over decliners at the NYSE while decliners lead advancers by a slim margin at the Nasdaq. 

The muted action is due to some hesitation in front of the holiday break and the release of the June Employment Situation Report on Friday. As a reminder, the stock market will close early at 1:00 p.m. ET tomorrow and will be closed the entire day on Thursday in observance of Independence Day.

A jump in shares of Tesla (TSLA 299.28, +19.37, +9.3%) after it reported better-than-expected Q2 delivery numbers has provided some support to index performance, along with gains in Apple (AAPL 218.94, +2.19, +1.0%), Meta Platforms (META 507.91, +3.21, +0.6%), Amazon.com (AMZN 198.93, +1.73, +0.9%), and Alphabet (GOOG 185.82, +1.33, +0.7%).

The move in TSLA has propelled the consumer discretionary sector (+1.3%) to first place on the leaderboard followed by the heavily-weighted financial sector (+0.4%). The health care sector shows the largest decline, down 0.7%. 

The Treasury market hasn't reacted much today to comments from Fed Chair Powell at the ECB Forum on Central Banking and a JOLTS - Job Openings Report for May, which showed an increase in openings to 8.140 million from a downwardly revised 7.919 million (from 8.059 million) in April.  Mr. Powell reiterated that some significant progress has been made in lowering inflation but that the Fed wants to be more confident inflation is moving down to 2% before loosening its restrictive stance.

The 10-yr note yield is down three basis points to 4.45% and the 2-yr note yield is down four basis points to 4.73%.