Stock Market Update

[BRIEFING.COM] The major indices have pulled back from their post-FOMC decision highs, but still maintain solid gains. The S&P 500 is 1.4% higher and the Nasdaq Composite sports a 2.3% gain.

Mega cap stocks are poised to close the final session in July with a performance edge over the "rest" of the market, but that hasn't been the case so far this month. The Vanguard Mega Cap Growth ETF (MGK) is down 2.6% in July and the Nasdaq Composite sports a 1.0% decline, but the equal-weighted S&P 500 shows a 4.5% gain this month.

Treasuries settled the final session in July on a higher note, registered large gains for the month. The 10-yr note yield fell three basis points today, and 23 basis points this month, to 4.11%. The 2-yr note yield fell two basis points today, and 38 basis points in July, to 4.34%.