Stock Market Update

[BRIEFING.COM] The stock market has exhibited mixed action at the index level ahead of a busy week. The S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and Dow Jones Industrial Average (flat) have traded above and below prior closing levels and moves in either direction are relatively modest.     

This week's calendar features earnings news from Microsoft (MSFT 428.66, +3.36, +0.8%), Meta Platforms (META 472.77, +7.07, +1.5%), Amazon.com (AMZN 14.19, +1.71, +0.9%), and Apple (AAPL 218.0.93, +0.4%). More than 170 S&P 500 sectors will report in total. Dow component McDonald's (MCD 263.60, +11.60, +4.6%) was a standout this morning after reporting quarterly results.

Other mega cap stocks are also higher, providing some support to index performance. The Vanguard Mega Cap Growth ETF (MGK) is up 0.9%.

Market participants are also waiting on the FOMC policy decision on Wednesday, along with a slate of economic news through the week. The July Consumer Confidence Index, the Q2 Productivity Report, the July ISM Manufacturing Index, and the July Employment Situation Report headline the economic releases.

There hasn't been a lot of conviction on either side of the tape in front of these market-moving events. The equal-weighted S&P 500 is 0.2% higher, but market breadth is negative. Decliners lead advancers by a 3-to-2 margin at the NYSE and by a nearly 2-to-1 margin at the Nasdaq.

Treasury yields are lower, providing some support to equities. The 10-yr note yield is down three basis points to 4.17% and the 2-yr note yield is down one basis point to 4.38%.

There was no US economic data of note today.