Stock Market Update

[BRIEFING.COM] The stock market exhibited mixed action at the index level to close out the week. There was not a lot of conviction from buyers or sellers following volatile activity this week. Advancers led decliners by an 11-to-10 margin at the NYSE while decliners led advancers by the same margin at the Nasdaq.

The three major indices ultimately settled with gains. The S&P 500 rose 0.47% and the Nasdaq Composite closed 0.51% higher. Today's action left the S&P 500 little changed from last Friday after recovering from Monday's steep selling. 

Gains in the mega cap space had an outsized impact on index performance. Eli Lilly (LLY 891.68, +46.37, +5.5%) was a standout in that respect, building on its post-earnings gain. Apple (AAPL 216.24, +2.93, +1.4%), Microsoft (MSFT 406.02, +3.33, +0.8%), Amazon.com (AMZN 166.94, +1.14, +0.7%), Meta Platforms (META 517.77, +8.14, +1.6%) were also among the influential winners.

Small and mid cap stocks lagged their larger peers, leading the Russell 2000 (-0.2%) and S&P Mid Cap 400 (-0.03%) to close with losses.

Many other stocks participated in upside moves, though. Nine S&P 500 sectors closed with gains led by communication services (+1.0%) and information technology (+0.6%). The materials sector was alone in negative territory at the close, down 0.1%, and the industrial sector closed flat.

The 10-yr note yield dropped six basis points to 3.94% and the 2-yr note yield rose one basis point to 4.23%.

There was no notable US economic data today.

Next week's economic lineup includes: July Treasury Budget on Monday, July Producer Price Index on Tuesday, July Consumer Price Index on Wednesday, July Retail Sales report on Thursday, July Building Permits and Housing Starts on Friday.

• S&P 500: +11.5% YTD
• Nasdaq Composite:+11.0% YTD
• S&P Midcap 400: +5.6% YTD
• Dow Jones Industrial Average: +4.7% YTD
• Russell 2000: +2.8% YTD