Stock Market Update

[BRIEFING.COM] The stock market opened mixed on below-average volume. The S&P 500 (+0.2%) and Nasdaq Composite (+0.2%) trade higher, boosted by gains in the mega cap space, while the Dow Jones Industrial Average (-0.1%) and Russell 2000 (-0.2%) trade lower.

Market breadth favors decliners by a 3-to-2 margin at the NYSE and by a 4-to-3 margin at the Nasdaq. Participants lack conviction in front of Fed commentary at the Jackson Hole Economic Symposium. There's also some hesitation in play as the S&P 500 approaches its all-time high. 

None of the S&P 500 sectors are moving more than 0.5% in either direction. 

The S&P Global US Services PMI rose to 55.2 in the preliminary August reading from 55.0 and the S&P Global US Manufacturing PMI dropped to 48.0 in the preliminary August reading from 49.6.

Existing home sales totaled 3.95 million in July (Briefing.com consensus 3.9 million) following a total of 3.90 million in June (revised from 3.89 million).