Stock Market Update

[BRIEFING.COM] There is an ample amount of green covering stock monitors today, as the majority of stocks are trading higher. That is an improvement from earlier when the action was more mixed and skewed largely in favor of the mega-cap stocks.

The mega-cap class continues to lead, yet small caps have turned in another good showing, with the Russell 2000 up 0.7%, and mid-cap stocks are playing along, with the S&P Midcap 400 up 0.3%.

Nine of the 11 S&P 500 sectors are higher. Only the energy (-0.8%) and consumer staples (-0.5%) sectors find themselves underwater.

Elsewhere, Treasuries have retraced their losses from earlier in the week, bolstered by rate-cut hope, signs of decent dollar demand at the 10-yr note auction, and the FOMC Minutes for the June meeting, which conveyed a stronger expectation of rate cuts before the end of the year than no rate cuts at all.

The 2-yr note yield is down five basis points to 3.86%, and the 10-yr note yield is down eight basis points to 4.34%. Those moves have afforded the rate-sensitive utilities sector (+1.0%) some relative strength today.