Stock Market Update

[BRIEFING.COM] The major averages trade in a relatively tight range after a gradual upward move pushed the Nasdaq Composite (+0.6%) to a new record high. 

Homebuilder names have moved lower today after President Trump called upon them to increase production in a Truth Social post. The president stated, "They're sitting on 2 Million empty lots, A RECORD. I'm asking Fannie Mae and Freddie Mac to get Big Homebuilders going and, by so doing, help restore the American Dream!"

The iShares U.S. Home Construction ETF is down 1.9% today, though the broader consumer discretionary sector (+0.5%) holds a nice gain due to Tesla's (TSLA 447.99, +18.16, +4.22%) advance.