Stock Market Update

[BRIEFING.COM] Today's trade is mixed as investors wait on influential events this week. The S&P 500 (-1.0%) and Nasdaq Composite (-1.9%) are in a steady decline while the Dow Jones Industrial Average (+0.1%) and Russell 2000 (+0.2%) trade slightly higher. 

Losses in mega caps, growth stocks, and semiconductor shares weighing down the S&P 500 and Nasdaq Composite. The Vanguard Mega Cap Growth ETF (MGK) is down 2.1%, the Russell 3000 Growth Index shows a 1.6% decline, and the PHLX Semiconductor Index (SOX) sports a 4.2% decline.

Microsoft (MSFT 418.00, -8.70, -2.0%) is among the influential laggards ahead of its earnings report after the close. NVIDIA (NVDA 102.87, -8.70, -7.8%) is another impactful loser in front of the earnings report from Adv. Micro Devices (AMD 134.30, -5.39, -3.9%), which will also be out after today's close.

Dow components Merck (MRK 15.61, -12.17, -9.5%) and Procter & Gamble (PG 160.72, -9.21, -5.4%) are also losing standouts today after reporting earnings. 

Still, market breadth is positive at the NYSE, but decliners lead advancers at the Nasdaq, indicating a lack of conviction from either side of the tape. The equal-weighted S&P 500 shows a 0.1% gain.

Reviewing today's economic data:

• May FHFA Housing Price Index 0.0%; Prior was revised to 0.3% from 0.2%
• May S&P Case-Shiller Home Price Indez 6.8% (Briefing.com consensus 6.8%); Prior was revised to 7.3% from 7.2%
• July Consumer Confidence 100.3 (Briefing.com consensus 99.8); Prior was revised to 97.8 from 100.4
  • 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.
• June JOLTS - Job Openings 8.184 mln; Prior was revised to 8.230 mln from 8.140 mln