Stock Market Update

[BRIEFING.COM] The stock market had a mixed showing today with major indices trading above and below prior closing levels. There wasn't a lot of conviction on either side of the tape and the choppy action followed the ebb and flow of mega cap names.

The Dow Jones Industrial Average, which closed 0.3% higher, outperformed the S&P 500 (+0.03%) and Nasdaq Composite (-0.4%) through the entire session. 

NVIDIA (NVDA 132.80, -0.77, -0.6%) was a standout in the mega cap space, trading up as much as 0.7% at its high and and down as much as 1.9% at its low. 

The technology sector still logged a 0.2% gain, bolstered by a sizable move in Apple (AAPL 232.62, +4.97, +2.2%) shares after news that it's aiming to partner with Alibaba (BABA 112.78, +1.46, +1.3%) to develop artificial intelligence for China iPhone users, according to The Information. 

The market was digesting more news about tariffs and was focused on Fed Chair Powell's semiannual testimony before Congress, which began today in the Senate Banking Committee. Mr. Powell again said that there is no hurry to adjust the policy stance, repeating comments made at the conclusion of the January FOMC policy meeting.

The tariff talk wasn't exactly breaking news with President Trump imposing the previously announced 25% tariffs on steel and aluminum, which will go into effect on March 12 with Australia potentially receiving an exemption.

Treasuries settled with losses. The 2-yr yield rose two basis points to 4.29% and the 10-yr yield settled four basis points higher at 4.54%. The market had a muted reaction to the $58 bln 3-yr note sale, which met strong demand.

Today's economic lineup was limited to the NFIB Small Business Optimism survey, which declined to 102.8 from 105.1 in December. 

• Dow Jones Industrial Average: +4.8% YTD
• S&P Midcap 400: +2.3% YTD
• Russell 2000: +2.0% YTD
• S&P 500: +3.2% YTD
• Nasdaq Composite: +1.7% YTD

Looking ahead to Wednesday, market participants receive the following data:

• 7:00 ET: Weekly MBA Mortgage Index (prior 2.2%)
• 8:30 ET: January CPI (Briefing.com consensus 0.3%; prior 0.4%), and January Core CPI (Briefing.com consensus 0.3%; prior 0.2%)
• 10:30 ET: Weekly crude oil inventories (prior +8.66 mln)
• 14:00 ET: January Treasury Budget (prior -$87.0 bln)