Stock Market Update

[BRIEFING.COM] The stock market exhibited rebound action today after last week's declines. Mega cap stocks and semiconductor shares led the upside action after underperforming last week, but many stocks came along for the rally. The S&P 500 settled 1.1% higher and the Invesco S&P 500 Equal Weight ETF (RSP) settled 0.8% higher.

NVIDIA (NVDA 123.54, +5.61, +4.7%), Meta Platforms (META 487.40, +10.61, +2.2%), and Microsoft (MSFT 442.94, +5.83, +1.3%) were among the influential winners today on some buy-the-dip interest. With today's action, NVDA shares are flat so far in July, META shares are down 3.3% in July, and MSFT is 0.9% lower in July.

Many other stocks also logged gains, leaving nine of the 11 S&P 500 sectors higher. The information technology (+2.0%) and communication services (+1.2%) sectors led the pack thanks to the aforementioned names. The industrial (+1.1%) and real estate (+1.0%) sectors also jumped at least 1.0%.

Meanwhile, the energy sector logged the biggest decline amid falling oil prices ($78.43/bbl, -0.26, -0.3%). 

Market participants are also digesting news that President Biden exited the 2024 presidential race and endorsed Kamala Harris for the candidacy. The news garnered muted responses in the equity and bond markets. The 10-yr note yield settled two basis points higher at 4.26% and the 2-yr note yield settled one basis point higher at 4.52%.

There was no US economic data of note today.

Looking ahead, Tuesday's economic data is limited to the June Existing Home Sales report at 10:00 ET. General Motors (GM), UPS (UPS), Albertsons (ACI), Lockheed Martin (LMT), Coca-Cola (KO), Philip Morris International (PM), and others report earnings ahead of Tuesday's open.

• Nasdaq Composite:+20.0% YTD
• S&P 500: +16.7% YTD
• S&P Midcap 400: +9.7% YTD
• Russell 2000: +9.6% YTD
• Dow Jones Industrial Average: +7.2% YTD