Stock Market Update

[BRIEFING.COM] A retreat from yesterday's record-high levels has the major averages sitting with modest losses for the day following the July PPI report.

Headlines not pertaining to today's economic data have been slim, keeping the indices trading within a relatively tight range just below their opening values. 

Mega-cap stocks have performed well in relation to the broader market, which is keeping losses in the major averages modest. 

Gains in Meta Platforms (META 785.87, +5.79, +0.74%) and Alphabet (GOOG 204.40, +1.37, +0.67%) underpin a 0.7% advance in the communication services sector, while a strong showing in Amazon (AMZN 229.03, +4.47, +1.99%) is just enough to keep the consumer discretionary sector (+0.1%) in positive territory. 

The Vanguard Mega Cap Growth ETF holds a 0.2% gain for the day, contributing to the outperformance of the market-weighted S&P 500 (-0.2%) over the S&P 500 Equal Weighted Index (-0.8%).

Meanwhile, smaller-cap stocks have given back some of this week's impressive advance, with the Russell 2000 down 1.5% today, though it is still up 3.4% week-to-date.