Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%) and Nasdaq Composite (+0.9%) are higher, boosted by gains in the mega cap space amid ongoing headlines about tariffs. The US imposed a 10% tariff on China, which responded with an announcement of a 15% tariff on imports of coal and LNG from the U.S., and 10% tariffs on crude oil, agricultural machinery, and certain cars starting February 10.

Treasuries haven't reacted much, providing support for buying in the stock market. The 10-yr yield is at 4.56%.

Gains in mega caps have propelled the information technology (+1.2%), consumer discretionary (+0.7%), and communication services (+0.7%) sectors to trade higher. 

JOLTS job openings totaled 7.6 million in December. The key takeaway from JOLTS report is that there was a big drop in job openings, which will be seen as a sign of some loosening in the labor market (i.e., fewer jobs employers are looking to fill).

Factory orders dropped 0.9% in December.