Stock Market Update

[BRIEFING.COM] The major indices moved mostly sideways in recent action. The S&P 500 sports a 0.6% decline and the Nasdaq Composite trades 1.3% lower. 

Treasuries settled the session with gains. The 10-yr note yield declined four basis points to 4.14% and the 2-yr note yield declined three basis points to 4.36%. 

Looking ahead, Wednesday's economic calendar features:

• 7:00 ET: Weekly MBA Mortgage Index (prior -2.2%)
• 8:15 ET: July ADP Employment Change (Briefing.com consensus 160,000; prior 152,000)
• 8:30 ET: Q2 Employment Cost Index (Briefing.com consensus 1.0%; prior 1.2%)
• 10:00 ET: June Pending Home Sales (Briefing.com consensus 1.5%; prior -2.1%)
• 10:30 ET: Weekly crude oil inventories (prior (-3.74 mln)
• 14:00 ET: July FOMC Rate Decision (Briefing.com consensus 5.25-5.50%; prior 5.25-5.50%)