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Market Snapshot

https://www.briefing.com/stock-market-update

Dow 34479.60 +13.36 (0.04%)
Nasdaq 14069.42 +49.09 (0.35%)
SP 500 4247.44 +8.26 (0.19%)
10-yr Note -2/32 1.460
NYSE Adv 2147 Dec 1113 Vol 824.7 mln
Nasdaq Adv 2645 Dec 1588 Vol 4.1 bln

Industry Watch
Strong: Information Technology, Financials, Consumer Discretionary
Weak: Health Care, Real Estate, Energy

Moving the Market

-- S&P 500 closes at another record high in tight-ranged session for the large-caps

-- Riskier, smaller stocks outperformed

-- 10-yr yield touched lowest level since late February and the CBOE Volatility Index closed at lowest level since February 2020

S&P 500 ekes out another closing record high
11-Jun-21 16:15 ET
Dow +13.36 at 34479.60, Nasdaq +49.09 at 14069.42, S&P +8.26 at 4247.44

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.4%), and Dow Jones Industrial Average (+0.04%) closed slightly higher on Friday, with the S&P 500 setting another closing record high. The Russell 2000 (+1.1%) and iShares Micro-Cap ETF (IWC 154.77, +1.46, +1.0%) outperformed, as investors broadened out their risk exposure.

Trading conviction at the large-cap level wasn't that strong given the tight-ranged index performances and no sector in the S&P 500 gained or lost more than 1.0%. The information technology (+0.6%) and financials (+0.6%) sectors showed relative strength, while the health care sector (-0.7%) underperformed.

Interestingly, the 10-yr yield fell to a three-month low at 1.43% overnight before settling at 1.46%, or unchanged from yesterday's settlement. The CBOE Volatility Index (VIX 15.65, -0.45, -2.8%) closed at its lowest since February 2020, representing a pre-pandemic reset of the hedging premium.

This reduced hedging interest synchronized with the riskier bets made in micro-cap stocks today. Presumably, investors felt comforted in the idea that there's still some time left before the Fed formally communicates a shift in policy. The FOMC meets next week, but economists polled by Reuters expect the Fed to announce a plan to taper asset purchases in August or September.

Separately, consumer sentiment improved modestly following a drop-off in May, according to the preliminary June reading for the University of Michigan Index of Consumer Sentiment. The index checked in at 86.4 (Briefing.com consensus 83.5), versus 82.8 in May. Consumers, however, remained concerned about rising prices for houses and vehicles.

In corporate news, NVIDIA (NVDA 713.01, +16.01, +2.3%) set all-time highs after agreeing to acquiring DeepMap, a startup dedicated to building high-definition maps for autonomous vehicles. Vertex Pharma (VRTX 193.02, -23.75, -11.0%) dropped 11% after halting the development of a lung disorder drug.

The 2-yr yield was unchanged at 0.15%. The U.S. Dollar Index rose 0.5% to 90.51. WTI crude futures rose 1.0%, or $0.70, to $71.00/bbl.

Reviewing Friday's economic data:

The preliminary June reading for the University of Michigan Index of Consumer Sentiment increased to 86.4 (Briefing.com consensus 83.5) from the final reading of 82.8 for May.
The key takeaway from the report is that, even though inflation expectations softened some, rising inflation remained a top concern for consumers.

Investors will not receive any notable economic data on Monday.

Russell 2000 +18.3% YTD
S&P 500 +13.1% YTD
Dow Jones Industrial Average +12.7% YTD
Nasdaq Composite +9.2% YTD

Crude futures continue to rise
11-Jun-21 15:30 ET
Dow -40.35 at 34425.89, Nasdaq +23.05 at 14043.38, S&P +0.60 at 4239.78

[BRIEFING.COM] The S&P 500 is up fractionally and is on track to close at a record high should it close in positive territory.

One last look at the S&P 500 sectors shows information technology (+0.4%) and financials (+0.4%) outperforming with modest gains, while the health care (-0.9%) and real estate (-0.8%) sectors are underperforming. No sector is up or down more than 1.0%.

WTI crude futures continued to rise and settled higher by 1.0%, or $0.70, to $71.00/bbl.