Closing Stock Market SummaryThe stock market closed out another mixed session. There wasn't any concerted selling interest, but there wasn't a lot of buying interest either as market participants looked ahead to a busy earnings reporting schedule next week that will feature results from Alphabet (GOOG 120.31, +0.78, +0.7%) and Microsoft (MSFT 343.77, -3.10, -0.9%) on Tuesday and Meta Platforms (META 294.26, -8.26, -2.7%) on Wednesday. Also, there will be policy meetings for the Fed, the ECB, and the Bank of Japan. The economic calendar, in turn, will feature a number of key releases highlighted by the Adv. Q2 GDP report and the June Personal Income and Spending Report that will include the Fed's preferred inflation gauge in the form of the core-PCE Price Index.
Still, the broader market held up well today in spite of some relative weakness in the mega cap space. The Vanguard Mega Cap Growth ETF (MGK) fell 0.2% while the Invesco S&P 500 Equal Weight ETF (RSP) eked out a 0.1% gain. The market-cap weighted S&P 500 closed flat. The Dow Jones Industrial Average finished just above the unchanged mark, which was good enough for its tenth consecutive gain.
Today's price action featured a broadening out of buying interest that led to non-tech and value stocks outperforming. The Russell 3000 Value Index rose 0.2% while the Russell 3000 Growth Index fell 0.2%.
Semiconductor stocks were another pocket of strength, bouncing back from losses yesterday. The PHLX Semiconductor Index rose 1.0%.
Dow component American Express (AXP 170.22, -6.89, -3.9%), on the other hand, was a notable laggard, registering a decent loss following its earnings report, which featured lower than expected revenues and a notable increase in the provision for credit losses.
Roughly half of the S&P 500 sectors closed with a gain led by utilities (+1.5%), health care (+1.0%), and energy (+0.8%). The communication services (-0.5%) and industrials (-0.5%) sectors resided at the bottom of the pack along with the financials (-0.3%) and information technology (-0.3%) sectors.
Market breadth also reflected mixed action. Advancers were roughly in line with decliners at the NYSE while decliners had an 11-to-10 lead over advancers at the Nasdaq.
As a reminder, the Nasdaq 100 special rebalance goes into effect before Monday's open.
- Nasdaq Composite: +34.1% YTD
- S&P 500: +18.2% YTD
- Russell 2000: +11.3% YTD
- S&P Midcap 400: +11.3% YTD
- Dow Jones Industrial Average: +6.3% YTD
As a reminder, the Nasdaq 100 special rebalance goes into effect before Monday's open.
There was no U.S. economic data of note today.
Looking ahead to Monday, market participants will receive the following economic data:
- 9:45 a.m. ET: July S&P Global US Manufacturing PMI - Prelim (prior 46.3) and S&P Global US Services PMI (prior 54.4)