Stock Market Update

[BRIEFING.COM] Today's trade has been somewhat mixed. The major indices jumped out of the gate before making a sharp turn lower. Stocks have recovered nicely, though, after some buy-the-dip trading took root. 

The S&P 500 dipped below 6,000 at its low, trading down as much as 0.6%. The index sports a 0.2% gain now and the Dow Jones Industrial Average trades 0.5% higher. The Nasdaq Composite trades 0.3% lower, clipped by losses in mega caps and semiconductor shares.

The Vanguard Mega Cap Growth ETF (MGK) trades 0.2% lower and the PHLX Semiconductor Index (SOX) trades 0.4% lower. Apple (AAPL 247.52, +1.98, +0.8%) has gone against the downside grain in the mega cap space after revealing plans to invest over $500 billion domestically over the next four years and there is speculation that the commitment could result in a tariff exemption for the company.

NVIDIA (NVDA 134.43, 0.0, 0.0%) has traded close to its prior close as participants wait on earnings results Wednesday afternoon. 

Many other stocks have participated in the upside moves. The Invesco S&P 500 Equal Weight ETF (RSP) trades 0.4% higher and nine of the 11 S&P 500 sectors show gains.

The health care (+0.9%) and financial (+0.9%) sectors are among the top performers while the technology (-0.3%) and consumer discretionary (-0.2%) sectors underperform. 

Treasury yields are lower in a continuation of safe-haven buying that began last week. The 10-yr yield is down two basis points to 4.40% and the 2-yr yield is down one basis point to 4.19%.

There was no US economic data of note today, but this week's lineup includes potentially market-moving releases like the Fed's preferred inflation gauge in the form of PCE Price Indexes on Friday.