Stock Market Update

[BRIEFING.COM] The major indices are near their best levels of the day as the final thirty minutes of trading await.

Today's gains are more modest in scope but welcome nonetheless on the heels of yesterday's large losses. Growth stocks have held an edge over value stocks today, supported by leadership from the mega-cap space and a healthy gain in Snowflake (SNOW 202.69, +23.57, +13.2%) following its earnings report and reassuring outlook, which helped set the tone for today's outperformance.

Notably, the dollar took a better turn today against other major currencies following the House's passage of the reconciliation bill. The reversal in Treasury yields today coincided with the turn in the dollar, suggesting perhaps that market participants are attracted more so at the moment to the pro-growth potential of the reconciliation bill than its deficit impact.

That view is subject to change, but it is fair to say that the stock market took its cue today from the Treasury market.