Stock Market Update

[BRIEFING.COM] The stock market is poised to close out a huge week on a positive note. The S&P 500 (+0.4%), Nasdaq Composite (+0.03%), Dow Jones Industrial Average (+0.6%), and Russell 2000 (+0.3%) all trade above yesterday's closing levels. Gains in the major indices range from 5.7% to 8.1% since last Friday. 

Some mega cap names have traded lower today, keeping index gains in check. NVIDIA (NVDA 147.53, -1.35, -0.9%), which started trading as a Dow Jones Industrial Average component today, Microsoft (MSFT 422.39, -3.02, -0.7%), Apple (AAPL 227.07, -0.15, -0.1%), and Amazon.com (AMZN 209.39, -0.65, -0.3%) are among the influential losers. These names make up nearly 25% of the S&P 500 in terms of market cap.

Tesla (TSLA 317.65, +20.75, +7.0%) has gone against the grain in the mega cap space, extending its huge post-election gain. TSLA shares are 27.4% higher this week. 

The price action in Tesla has contributed to the move in the S&P 500 consumer discretionary sector (+1.3%). Six of the 11 sectors are higher by at least 1.0%. The materials sector shows the largest decline, down 0.9%.

Treasuries have exhibited choppy price action today. The 10-yr yield was around 4.32% before the 10:00 ET release of the preliminary November University of Michigan Consumer Sentiment survey, moved to 4.27% in the immediate aftermath, but sits at 4.30% now. The survey showed a dip in year-ahead inflation expectations to 2.6% from 2.7% and a nice bump in the Expectations Index that was linked to income prospects and short-run business conditions.

Reviewing today's economic data:

• November Univ. of Michigan Consumer Sentiment - Prelim 73.0 (Briefing.com consensus 70.6); Prior 70.5
  • The key takeaway from the report is that the responses were tabulated before the election results and reveal that consumers were already feeling more upbeat about their income prospects and short-run business conditions.