Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%) has moved mostly sideways over the last half hour. Losses in some mega cap names continue to weigh on the major indices. 

NVIDIA (NVDA 108.11, -3.43, -3.1%), Tesla (TSLA 230.68, -1.40, -0.5%), Eli Lilly (LLY 806.12, -1.67, -0.2%), and Broadcom (AVGO 147.97, -2.23, -1.5%) are standouts in that respect.

Separately, the Conference Board's Consumer Confidence Index improved to 100.3 in July (Briefing.com consensus 99.8) from a downwardly revised 97.8 (from 100.4) in June, with an improved short-term outlook driving the uptick.

The key takeaway from the report is that consumers are starting to take notice of slowing labor market conditions, yet their overall assessment of the current labor market situation is still quite strong.

Treasury yields moved higher in response. The 10-yr note yield was at 4.16% before the data, but sits at 4.18% now, which is unchanged from yesterday.