Stock Market Update

[BRIEFING.COM] The major averages are defending their strong starting gains with the Nasdaq (+1.5%) trading ahead of the other indices.

Today's economic data—the Empire State Manufacturing survey (-16.0; Briefing.com consensus -6.6)—did not invite a strong market reaction, but the next couple days will bring some more data, including the May Retail Sales report (Briefing.com consensus -0.6%; prior 0.1%). That report will be released tomorrow morning and it will give the market some insight into the strength of the consumer after new tariffs went into effect.

The FOMC will begin its two-day meeting tomorrow, which will be concluded with a rate decision on Wednesday, though the market is almost certain that a rate cut will not be announced just yet.

Treasuries are holding onto their slim gains with the 10-yr yield down one basis point at 4.11%.