Stock Market Update

[BRIEFING.COM] While the Nasdaq Composite (-0.2%) reached a new intraday high during today's session, the index is currently trading about 30 points below the necessary level to notch a new all-time closing high. 

Meanwhile, the S&P 500 (-0.1%), which did not set a new intraday high, trades about six points below its record closing level. 

The stock market has had a noncommittal session, with a lack of conviction in the market leading to several sectors flipping between positive and negative territory throughout the day. Currently, the consumer discretionary (+0.3%), health care (+0.2%), and consumer staples (+0.2%) sectors hold modest gains, while the communications services and financials sectors sit on their flatlines. 

The other six sectors hold modest losses, with only the energy sector (-0.5%) retreating more than 0.5%. 

The release of July CPI data tomorrow will be pivotal to the FOMC's policy rate decisions, with the market expected to key in on prices in goods categories to evaluate the current effect of increased tariff levels.