Stock Market Update

[BRIEFING.COM] The stock market had a mixed showing on the first day of the new week. The S&P 500 (-0.3%), Nasdaq Composite (-0.9%), and Russell 2000 (-0.04%) settled with losses while the Dow Jones Industrial Average (+0.2%) closed at a new record high. 

The mixed showing was a reflection of some trepidation following last week's solid gains in reaction to Fed Chair Powell's dovish remarks. There also wasn't much news to respond to and investors are in vacation-mode ahead of Labor Day, which contributed to the muted action. 

Advancers led decliners by an 11-to-10 margin at the NYSE and decliners lead advancers by the same margin at the Nasdaq. 

NVIDIA (NVDA 126.46, -2.91, -2.3%) was an influential laggard in front of its earnings report after Wednesday's close. This price action was related to consolidation activity, which also weighed down other mega cap and semiconductor-related names. Meta Platforms (META 521.12, -6.88, -1.3%) and Broadcom (AVGO 159.62, -6.74, -4.1%) were among standouts in that respect.

NVDA shares are still 155.4% higher this year; META shares are up 47.2% in 2024; and AVGO shows a 43.0% gain this year. 

The information technology sector (-1.1%) logged the biggest decline among the six S&P 500 sectors that closed lower. The consumer discretionary sector was the next worst performer, dropping 0.8%. Meanwhile, the energy sector showed relative strength, gaining 1.1% today amid rising oil prices.

WTI crude oil futures settled 3.4% higher at $77.42/bbl following retaliatory strikes over the weekend by Israel and Hezbollah. Additionally, Libya's eastern government has said it will stop oil production, according to Bloomberg.

Treasury yields settled little changed from Friday. The 2-yr note yield rose two basis points to 3.82% and the 10-yr note yield settled one basis point higher at 3.82%.

• S&P 500: +18.1% YTD
• Nasdaq Composite: +17.8% YTD
• S&P Midcap 400: +10.9% YTD
• Russell 2000: +9.4% YTD
• Dow Jones Industrial Average: +9.4% YTD

Reviewing today's economic data:

• July Durable Goods - ex transportation -0.2% (Briefing.com consensus 0.1%); Prior was revised to 0.1% from 0.5%, July Durable Orders 9.9% (Briefing.com consensus 4.0%); Prior was revised to -6.9% from -6.6%
  • The key takeaway from the report is that business spending was soft in July, evidenced by a 0.1% decline in new orders for nondefense capital goods excluding aircraft.

Looking ahead, Tuesday's economic data features:

• 9:00 ET: June FHFA Housing Price Index (prior 0.0%) and June S&P Case-Shiller Home Price Index (Briefing.com consensus 6.0%; prior 6.8%)
• 10:00 ET: August Consumer Confidence (Briefing.com consensus 100.0; prior 100.3)