Stock Market Update

[BRIEFING.COM] Today's trade has been mixed at the index level. The S&P 500 has traded above and below its prior closing level while the Dow Jones Industrial Average (+0.03%) trades higher and the Nasdaq Composite sports a 0.4% decline.

The market is digesting more news about tariffs and has 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 developments weren't exactly breaking news as President Trump imposed the previously announced 25% tariffs on steel and aluminum, which will go into effect on March 12 with Australia potentially receiving an exemption.

Names related to these metals have benefitted for a second session in a row. Alcoa (AA 37.65, +0.73, +1.9%) and Nucor (NUE 139.22, +1.71, +1.2%) are among them. 

Choppy action in some mega caps has influenced the broader equity market thus far. NVIDIA (NVDA 132.33, -1.23, -0.9%) traded up as much as 0.7%, but sports a sizable loss now. 

The 10-yr yield is up four basis points at 4.54%, sitting at a one-week high.

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