Stock Market Update

[BRIEFING.COM] The mixed standing of the major indices persists with the Nasdaq (+0.4%) and S&P 500 (+0.1%) out ahead of the Dow Jones Industrial Average (-0.4%) and Russell 2000 (-0.3%). 

NVIDIA (NVDA 124.88, +4.00, +3.3%) can take a good bit of credit for the current disposition. It is up another 3.3% following yesterday's 4.0% gain. There isn't a news catalyst for the follow through today, as momentum is doing the driving.

With NVIDIA outperforming, the Philadelphia Semiconductor Index (+1.2%) and S&P 500 information technology sector (+0.7%) are, too.

Separately, new home sales declined 4.7% month-over-month in August to a seasonally adjusted annual rate of 716,000 units (Briefing.com consensus 695,000) from an upwardly revised 751,000 (from 739,000) in July. On a year-over-year basis, new home sales were up 9.8%.

The key takeaway from the report is that new home sales, which are tabulated when contracts are signed, were better than expected in August, aided by lower pricing and sliding mortgage rates. Notably, the South was the only region that saw a pickup in sales month-to-month.

This report comes on the heels of KB Home (KBH 83.37, -4.06, -4.6%) posting some disappointing quarterly earnings results after yesterday's close.