Stock Market Update

[BRIEFING.COM] The Dow Jones Industrial Average (+0.2%) and S&P 500 (+0.3%) extended further into record territory and the Nasdaq Composite settled 0.1% higher. The Russell 2000 underperformed, dropping 0.3% after outperforming its peers of late. 

Market breadth was mixed through the entire session, reflecting a lack of conviction from either buyers or sellers after the big run of late. Advancers led decliners by a 3-to-2 margin at the NYSE and decliners led advancers by a 4-to-3 margin at the Nasdaq.

Market participants remain optimistic about a soft landing scenario for the economy, but there's also a growing sense that stocks are due for some consolidation. 

Many semiconductor stocks settled higher, leading the PHLX Semiconductor Index (SOX) to close 0.5% above Friday's settlement. TSMC (TSM 174.76, +0.68, +0.4%) was a story stock in the space after a Wall Street Journal report that TSMC and Samsung are considering new chip-making facilities in the United Arab Emirates.

Boeing (BA 156.30, +3.01, +2.0%) also made headlines today, turning sharply higher after confirming that it substantially increased the machinist contract offer, attempting to end the strike.

This price action helped boost the S&P 500 industrial sector (+0.7%). Other sectors that outperformed the index included the energy (+1.3%), consumer discretionary (+1.3%), real estate (+1.1%), and utilities (+1.0%) sectors. 

The 10-yr yield settled one basis point higher at 3.74% and the 2-yr yield settled one basis point higher at 3.58%.

• Nasdaq Composite: +19.9% YTD
• S&P 500: +19.7% YTD
• S&P Midcap 400: +12.2% YTD
• Dow Jones Industrial Average: +11.8% YTD
• Russell 2000: +9.5% YTD

Reviewing today's economic data:

• September S&P Global US Manufacturing PMI - Prelim 47.0; Prior 47.9
• September S&P Global US Services PMI - Prelim 55.4; Prior 55.7

Looking ahead, Tuesday's calendar features:

• 9:00 ET: July FHFA Housing Price Index (prior -0.1%) and July S&P Case-Shiller Home Price Index (Briefing.com consensus 6.0%; prior 6.5%)
• 10:00 ET: September Consumer Confidence (Briefing.com consensus 102.9; prior 103.5)
• 13:00 ET: $69 bln 2-yr Treasury note auction results