Stock Market Update

The stock market is poised for a flattish open, with the major averages mixed amid a busy morning of earnings reports.

Any growth in the major averages will likely send the S&P 500 and Nasdaq Composite to new record highs, as both indices eclipsed their previous records during yesterday's broad-based advance. 

The technology sector is the only S&P sector in negative territory for the week, holding a 0.2% loss before the open today. News from Alphabet (GOOG 198.10, +6.59, +3.5%) that it is raising its 2025 capital expenditure plan to a whopping $85 billion, alongside President Trump signing executive orders to support the American AI industry and the buildout of data centers, could be a catalyst for AI growth during a week in which it has lagged the broader market.

Initial jobless claims for the week ending July 19 decreased by 4,000 to a lowly 217,000 (Briefing.com consensus: 225,000). Continuing jobless claims for the week ending July 12 increased by 4,000 to 1.955 million.

The key takeaway from the report is still the same. The low level of initial jobless claims connotes a relatively solid labor market; however, the elevated level of continuing jobless claims connotes some added difficulty in finding a new job in the event one gets laid off by their employer.