Stock Market Update

[BRIEFING.COM] The stock market navigated a mixed landscape today. Early optimism gave way to a more subdued tone that led the S&P 500 to close little changed from yesterday, the Nasdaq Composite to log a 0.4% gain, and the Dow Jones Industrial Average to close 0.4% lower.

Stocks lost initial momentum when the S&P 500 neared its all-time high of 6,128, reaching 6,127 at its best level today. This price action, along with a batch of economic data that stoked concerns about growth, contributed to the lackluster index showing. 

The retail sales report for January was noticeably weak and the industrial production report for January showed growth without any help from manufacturing or mining output (i.e., cold weather drove a spike in the output of utilities, which was cranking to meet demand for heat).

In response to the growth concerns, Treasury yields turned sharply lower. The 10-yr yield dropped five basis points to 4.48% and the 2-yr yield dropped five basis points to 4.26%.

There was still a positive bias under the index surface through today's mixed showing. Advancers had a 3-to-2 lead over decliners at the NYSE and a 4-to-3 lead at the Nasdaq.

Outsized moves in the equity market were reserved for names with catalysts. Airbnb (ABNB 161.42, +20.38, +14.5%) and Wynn Resorts (WYNN 88.82, +8.35, +10.4%) turned sharply higher after reporting earnings.

• Dow Jones Industrial Average: +4.7% YTD
• S&P 500: +4.0% YTD
• Nasdaq Composite: +3.7%
• S&P Midcap 400: +2.5% YTD
• Russell 2000: +2.2% YTD