Stock Market Update

[BRIEFING.COM] The stock market opened to muted action in the major indices after yesterday's stellar performance. The S&P 500 briefly peaked above its 50-day moving average (5,962) after the open before moving below its prior close. The Nasdaq Composite and Dow Jones Industrial Average also show modest declines. 

Market participants are responding to a big batch of earnings news and economic data. Retail sales were more subdued than expected in December and weekly jobless claims reflect ongoing strength in the labor market. 

Dow component UnitedHealth (UNH 526.37, -17.12, -3.2%) is among the standouts that reported earnings, garnering a negative response following up by a slight miss on the top line and a pickup in its 2024 medical care ratio to 85.5% from 83.2% in 2023. TSMC (TSM 216.02, +9.38, +4.4%) is among the winning standouts, along with Bank of America (BAC 47.19, +0.09, +0.2%) and Morgan Stanley (MS 132.94, +2.39, +1.8%). 

BAC and MS have helped boost the S&P 500 financial sector, which trades 0.3% higher. 

Separately, the price action in Treasuries has kept pressure on stocks so far. The 10-yr yield is at 4.67% and the 2-yr yield is at 4.29%.