Stock Market Update

[BRIEFING.COM] The stock market has a mixed complexion, although moves to the upside and to the downside at the index level have been modest.

At its current level, the S&P 500 trades sits approximately 2.0% below its all-time high and trades at 21.7x forward 12-month earnings, according to FactSet. The latter is an 18% premium to the 10-yr average, which is why the market is often described as trading at a rich valuation.

The equal-weighted S&P 500, however, trades at 17.0x forward 12-month earnings, which is only a slight premium to its 10-yr average of 16.5x, so the valuation here is full but less demanding.

The information technology sector (+0.8%) is lending some influential weight to the market cap-weighted S&P 500 today thanks in large part (no pun intended) to Oracle (ORCL 201.17, +24.79, +14.05%), which is surging after its earnings report.