Stock Market Update

[BRIEFING.COM] The Nasdaq Composite (+0.1%) and S&P 500 (+0.02%) trade above their prior closing levels. The upside moves coincided with some mega cap names recovering early losses.

Amazon.com (AMZN 177.93, +0.36, +0.2%) had been down as much as 0.7%, but trades higher now. NVIDIA (NVDA 124.67, +1.83, +1.5%) had been down as much as 1.4% before turning positive. 

Separately, the preliminary Index of Consumer Sentiment for August increased to 67.8 (Briefing.com consensus 66.7) from the final reading of 66.4 for July. In the same period a year ago, the index stood at 69.4.

The key takeaway from the report is that sentiment in August was swayed by political developments, yet the take-home point is that inflation is still the top concern among consumers.