Closing Stock Market SummaryVix is up, +4.61% and S&P is upThe stock market had another strong showing today due to carryover upside momentum to build on recent gains. The major indices saw choppy action, but held onto decent gains for the entirety of today's session. There's a bit of trepidation in play ahead of the much-anticipated August CPI release tomorrow at 8:30 a.m. ET. Buying efforts were also supported by a weakening dollar.
The US Dollar Index was down 0.6% to 108.35 as the EUR/USD rose 0.7% to 1.0116.
Apple's (AAPL 163.43, +6.06, +3.9%) big upside move today was another support factor for the broader market after JP Morgan suggested the company is seeing strong demand for its new iPhone following last week's product announcements. The stock broke above its 200-day moving average on higher than average volume.
Mega caps had a slight performance edge over their peers as the Vanguard Mega Cap Growth ETF (MGK) (+1.4%) outpaced the broader market, but the general positive disposition left many stocks higher. The Invesco S&P 500 Equal Weight ETF (RSP) (+0.9%) and the S&P 500 (+1.1%) both closed with sizable gains.
Market breadth reflected the broad nature of today's rally. Advancers led decliners by a greater than 3-to-1 margin at the NYSE and a 3-to-2 margin at the Nasdaq.
All 11 S&P 500 sectors closed in the green with gains ranging from 0.4% (consumer staples) to 1.8% (energy).
Energy was boosted by rising energy complex prices. WTI crude oil futures rose 1.7% to $87.84/bbl and natural gas futures rose 3.5% to $8.31/mmbtu.
Semiconductors underperformed the market today following reports that the White House is expected to tighten restrictions on chip exports to China. The PHLX Semiconductor Index was up 0.3%.
Today's $32 billion 10-yr note auction was met with relatively weak demand. The high yield of 3.33% tailed the when-issued yield of 3.303%. Following the auction, selling pressure picked up in the Treasury market. The 10-yr note yield, which sat at 3.27% before today's open, settled the session at 3.36%. Despite the pickup in yield, stocks held their ground, tracking sideways, but holding the bulk of today's gains, after the auction.
The 2-yr note yield settled down one basis point to 3.56%.
There was no U.S. economic data of note, but a series of investment conferences started today involving the technology, health care, and financials sectors.
Looking ahead to Tuesday, market participants will receive the anticipated August CPI ( consensus -0.1%; prior 0.0%) and core CPI (consensus +0.3%; prior +0.3%) at 8:30 a.m. ET. Other economic data includes the August NFIB Small Business Optimism (prior 89.9) at 6:00 a.m. ET and the August Treasury Budget (prior -$211.1 billion) at 2:00 p.m. ET.
Dow Jones Industrial Average: -10.9% YTD
S&P 400: -11.2% YTD
S&P 500: -13.8% YTD
Russell 2000: -15.1% YTD
Nasdaq Composite: -21.6% YTD