Stock Market Update

[BRIEFING.COM] The stock market is looking to avoid its fourth consecutive loss, but early weakness in the top-weighted technology sector (-0.4%) is keeping the S&P 500 (+0.2%) below its opening high. The Nasdaq (-0.2%) sits below its flat line while the Dow (+0.3%) outperforms.

With today's higher start, the S&P 500 is now down 0.7% for the week while the Dow has narrowed this week's loss to 0.5%. The Nasdaq remains down 1.3% since last Friday, reflecting recent softness in some of its mega cap components.

Looking past the weakness in technology, nine of the remaining ten sectors hold gains with energy (+1.4%) and utilities (+1.0%) in the lead while industrials (+0.7%), materials (+0.7%), and consumer discretionary (+0.5%) follow not far behind.

Today's newsflow has been on the light side, but there will be some changes to the tariff landscape on October 1. President Trump announced that a 100% tariff will be placed on imported branded and generic pharmaceuticals if the producer is not building a domestic presence. In addition, heavy truck imports will face a 25% tariff while kitchen cabinets, bathroom vanities, and associated products will be hit with a 50% tariff. Upholstered furniture will be charged a 30% tariff.

Economic data released today essentially confirmed present trends with ongoing strength in income and spending while PCE inflation remained sticky.

Treasuries hold slim gains with the 10-yr yield down one basis point at 4.16%.