Stock Market Update

[BRIEFING.COM] The stock market has traded mostly lower so far on above-average volume due to the quarterly expiration of stock options, index options, single stock futures, and index futures. Decliners have a 3-to-2 lead over advancers at the NYSE and a 2-to-1 margin at the Nasdaq.

Today's downside bias relates to consolidation activity after a solid run for stocks. The S&P 500 is 1.2% higher this week, the Nasdaq Composite is 1.5% above Friday's close, and the Russell 2000 has outperformed, jumping 2.5% since last Friday.

Losses are fairly muted compared to the recent runup. The S&P 500 and Nasdaq Composite trade 0.2% lower while the Russell 2000 underperforms, trading 0.6% lower. The Dow Jones Industrial Average pushed further into record territory, trading 0.2% higher, after an initial loss.

None of the S&P 500 sectors are moving more than 0.6% in either direction except utilities2.5% gain thanks to a big move up in Constellation Energy (CEG ), which announced a 20-year power purchase agreement with Microsoft (MSFT ) that will include the restart of Three Mile Island Unit 1.

NIKE (NKE ) is another winning standout after announcing that Elliott Hill will become President and CEO, effective October 14, 2024.

The 10-yr yield is at 3.72% and the 2-yr yield is at 3.57%.

There was no US economic data of note today.