Stock Market Update

[BRIEFING.COM] The stock market remains relatively flat as the S&P 500 is currently down 0.1%. 

President Trump announced in a Truth Social post that no extensions will be granted past August 1 for countries that were sent letters yesterday and for countries that will receive letters today, tomorrow, and for the next short period of time. The announcement has done little to stir the market, as no other major developments on the trade front have come forth today.

Despite the flat nature of the major averages, small-cap and mid cap- stocks are outperforming as the Russell 2000 is up 0.8% and the S&P Midcap 400 Index is up 0.5%.

Breadth figures bolster this trend as advancers outpace decliners by a better than 3-to-2 ratio at the NYSE and Nasdaq.

On the contrary, the Vanguard Mega Cap ETF is down 0.2%.

Notable mega-cap laggards include Microsoft (MSFT 495.21, -2.51, -0.5%) which is stifling further gains in the technology sector (+0.3%) despite an impressive showing from chip stocks, and Amazon (AMZN 220.02, -3.45, -1.5%), with initial sales down 14% in the early hours of its Prime Day sale, according to Bloomberg.