Stock Market Update

[BRIEFING.COM] The stock market opened to gains after the July Producer Price Index showed disinflation in total PPI and core PPI. The S&P 500 is up 0.8% and the Nasdaq Composite shows a 1.4% gain.

The Dow Jones Industrial Average (+0.2%) shows a smaller gain, limited by a loss in Home Depot (HD 344.49, -1.32, -0.4%) after the company cut its FY25 guidance on weakening demand. 

Eight of the S&P 500 sectors are higher led by information technology (+1.9%) and consumer discretionary (+1.0%). Meanwhile, the energy sector (-1.4%) is the worst performer by a decent margin amid falling oil prices ($78.94/bbl, -1.11, -1.4%).

A drop in market rates in response to PPI has contributed to the upside bias in stocks. The 10-yr note yield is down five basis points to 3.86%.