Stock Market Update

[BRIEFING.COM] The stock market opened to modest upside moves. The S&P 500 sports a 0.3% gain and the Nasdaq Composite also trades 0.3% higher. 

The sharp move higher in shares of Target (TGT 165.01, +21.77, +15.2%) after reporting earnings and raising its full-year earnings outlook has contributed to the upside bias. TJX (TJX 118.78, +5.50, +4.9%) also trades higher after reporting earnings and raising its full-year comparable sales guidance. This price action has boosted the S&P 500 consumer staples (+1.2%) and consumer discretionary (+1.2%) sectors.

Fellow retailer, but not an S&P 500 component, Macy's (M 15.42, -2.31, -13.1%) sports a sharp decline after reporting earnings and lowering its full-year sales and comparable sales guidance.

Volume is below average at the NYSE and at the Nasdaq, reflecting a lack of conviction in front of influential events. Today's calendar features the release of benchmark revisions to nonfarm payrolls for April 2023-March 2024 at 10:00 a.m. ET, the $16 billion 20-yr bond auction at 1:00 p.m. ET, and the release of the Minutes for the July 30-31 FOMC meeting at 2:00 p.m. ET.

The 10-yr note yield is down two basis points to 3.80% and the 2-yr note yield is down four basis points to 3.96%.