Stock Market Update

[BRIEFING.COM] The stock market continues to do what it has grown accustomed to doing: overcoming headlines with a negative bent. Today, that would include Alphabet's (GOOG 192.32, -15.39, -7.4%) relatively disappointing results for its Cloud business and the weaker-than-expected ISM Services PMI for January.

The latter has fostered growth concerns -- at least in the Treasury market where yields continue to drop. The 2-yr note yield is down five basis points to 4.17% and the 10-yr note yield is down nine basis points to 4.42%. The bulk of those gains, we should add, came before the 10:00 a.m. ET release, as market participants had also digested some weaker-than-expected January Services PMI readings out of China and Europe.

Weaker economic growth typically translates into weaker earnings growth. That's not a thought that is bothering the stock market today, which is looking pretty good on a broad market basis. Advancers lead decliners by a 2-to-1 margin at the NYSE and by a better than 5-to-3 margin at the Nasdaq.

Small-cap and mid-cap stocks are outperforming large-cap stocks; the Russell 3000 Value Index (+0.5%) is outpacing the Russell 3000 Growth Index (flat); and the equal-weighted S&P 500 (+0.3%) is running ahead of the market cap-weighted S&P 500 (+0.1%).