higher
indices are higher, yet the stock market still doesn't appear to be in a hurry to get anywhere. In fact, there are more stocks declining today than advancing at both the NYSE and Nasdaq. The difference is that a number of heavily-weighted growth stocks are advancing, which is making a difference for the major indices.
Those advances are making a difference for sectors like communication services (+0.5%), information technology (+0.4%), and consumer discretionary (+0.4%), home to the likes of Alphabet (GOOG 2244.42, +19.67, +0.9%), Apple (AAPL 127.24, +1.03, +0.8%), and Amazon.com (AMZN 3271.71, +47.89, +1.5%), respectively.
Overall, though, there isn't any clear-cut strength in today's market. There isn't a single sector that has moved up, or down, more than 1.0%; and only five of the 11 sectors are on positive ground.
Today's tape is emblematic of yesterday's tape in the sense that it is following a consolidation model after a big run in recent sessions, looking indifferent to favorable views like JPMorgan Chase CEO Jamie Dimon saying in his annual shareholder letter that the U.S. economy will likely boom and that any such boom could easily run into 2023.
The Treasury market is also looking indifferent. The 10-yr yield is unchanged at 1.65%, taking Mr. Dimon's view in stride.
The S&P 500 and Nasdaq Composite are up 0.2%; the Dow Jones Industrial Average is up 0.1%; and the Russell 2000 is down 0.6%.
