Stock Market Update

[BRIEFING.COM] The stock market has traded modestly higher through most of the morning. There's a tentative vibe in the market following more tariff-related headlines, yet positive responses to earnings news from Bank of America (BAC 38.22, +1.57, +4.3%) and Citigroup (C 65.78, +2.57, +4.1%) have provided some offsetting support.

Gains in the aforementioned names have helped the S&P 500 financial sector (+0.9%) lead the market. It's the best performing sector among the five sectors trading up, and it's the second most heavily weighted sector after technology (+0.4%), comprising 14.4% of the index by market-cap.

The tariff headlines have been somewhat mixed. European stocks seemed to react positively to comments from President Trump suggesting potential tariff adjustments for the auto sector. Other reports suggested that the EU and US have made little progress on trade talks. 

Focus remains on the price action in Treasuries, which has recently been a source of angst for equities. The 10-yr yield is down four basis points to 4.32%, and the 2-yr yield is unchanged at 3.83%.

Participants are also reacting to this morning's data, which featured a better-than-expected April Empire State Manufacturing Survey (actual -8.1; expected -14.8).

Reviewing today's economic data:

• April Empire State Manufacturing -8.1 (Briefing.com consensus -14.8); Prior -20.0
• March Export Prices 0.0%; Prior was revised to 0.5% from 0.1%
• March Export Prices ex-ag. -0.1%; Prior was revised to 0.5% from 0.1%
• March Import Prices -0.1%; Prior was revised to 0.2% from 0.4%
• March Import Prices ex-oil 0.1%; Prior was revised to 0.1% from 0.3%