Stock Market Update

The stock market is on track for a mixed opening as a lack of major developments keeps the major averages subdued.

Yesterday's trade saw the S&P 500 and Nasdaq Composite reach new record intraday and closing highs following early gains in mega-cap and tech names after Alphabet (GOOG 193.50, +0.30, +0.2%) delivered an impressive earnings report. 

The rest of the session passed uneventfully, though increased selling interest saw smaller-cap stocks retreat from their impressive gains earlier in the week.

This morning's economic data was limited to Durable Orders for June, which fell 9.3% month-over-month (Briefing.com consensus -11.0%) after an upwardly revised 16.5% jump in May (from 16.4%). Excluding transportation, durable goods orders were up 0.2% month-over-month (Briefing.com consensus -0.2%) after rising a revised 0.6% (from 0.5%) in May.

The key takeaway from the report is that the sharp headline decrease was largely due to a drop in transportation equipment orders after a big jump in May, though nondefense capital goods orders, excluding aircraft—a proxy for business spending—fell 0.7% after increasing 2.0% in May, reflecting a moderation after a solid rise.