Stock Market Update

[BRIEFING.COM] The stock market entered the new week with a continuation of last week's rally. A last minute push higher had the S&P 500 (+1.0%), Nasdaq Composite (+1.4%), Dow Jones Industrial Average (+0.6%), and Russell 2000 (+1.2%) hit new session highs ahead of the close. Today's action left the S&P 500 1.1% below its all-time high.

Volume was below-average at the NYSE today as investors wait on potentially market-moving events this week. Some of the key events include the release of the FOMC Minutes for the July 30-31 FOMC meeting on Wednesday and Fed Chair Powell's speech on the Economic Outlook at the Jackson Hole Economic Symposium on Friday.

Participants are looking for Mr. Powell to corroborate the market's optimistic views on economic growth, the labor market, and rate cuts beginning in September, which have driven recent upside moves in equities.

Influential economic releases include the weekly initial jobless claims and existing home sales report for July on Thursday and the new home sales report for July on Friday.

Also, earnings reporting in the retail space picks up steam this week. Lowe's (LOW 243.21, +2.06, +0.9%), Target (TGT 144.63, +0.59, +0.4%), TJX (TJX 112.49, +1.04, +0.9%), Urban Outfitters (URBN 41.17, +0.43, +1.1%), and Dollar Tree (DLTR 100.51, +1.73, +1.8%) are among the standouts, settling higher in front of their quarterly reports.  

Broad buying activity left all 11 S&P 500 sectors higher led by communication services (+1.4%) and information technology (+1.4%).

The 10-yr note yield settled two basis points lower at 3.87% and the 2-yr note yield rose one basis point to 4.07%.

• Nasdaq Composite:+19.1% YTD
• S&P 500: +17.6% YTD
• S&P Midcap 400: +9.3% YTD
• Dow Jones Industrial Average: +8.5% YTD
• Russell 2000: +6.9% YTD

Today's economic data was limited to the Leading Indicators Index, which dropped 0.6% in July (Briefing.com consensus -0.3%) following a 0.2% decline in June. There is no economic data of note on Tuesday.