Stock Market Update

[BRIEFING.COM] The stock market has started the new week on an upbeat note. The S&P 500 (+0.6%), Nasdaq Composite (+0.6%), Dow Jones Industrial Average (+0.6%), and Russell 2000 (+0.7%) trade near session highs. The upside bias is supported by ongoing momentum following last week's solid gains.

There is not a lot of conviction so far today, though, leading to relatively modest moves higher. The muted action stems from hesitation in front of some influential events. This week's calendar features the Minutes from the July 30-31 FOMC meeting on Wednesday and Fed Chair Powell's speech in Jackson Hole on Friday. Also, many retailers are reporting earnings through the week.

Lowe's (LOW 243.97, +1.82, +0.8%), Target (TGT 146.04, +2.00, +1.4%), TJX (TJX 112.38, +0.92, +0.9%) are among the names reporting quarterly results. 

With today's move, the S&P 500 is just 1.5% below its all-time high. All 11 S&P 500 sectors trade higher with gains ranging from 0.4% to 1.0%. The communication services (+1.0%) and consumer discretionary (+0.9%) sector lead the pack while the information technology sector brings up the rear. 

Treasuries are near intraday low yields. The 10-yr note yield moved to 3.86% after hitting 3.89% earlier.

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.