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Market Snapshot

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

Dow 35116.40 +278.24 (0.80%)
Nasdaq 14761.28 +80.23 (0.55%)
SP 500 4423.15 +35.99 (0.82%)
10-yr Note 0/32 1.180
NYSE Adv 1961 Dec 1276 Vol 818.3 mln
Nasdaq Adv 2059 Dec 2183 Vol 4.1 bln

Industry Watch
Strong: Utilities, Health Care, Industrials
Weak: Communication Services

Moving the Market

-- Stocks trading at session highs in a relatively broad-based advance at the large-cap level

-- Relative weakness in communication services sector

-- Treasury market holding steady

S&P 500 closes at a record high
03-Aug-21 16:20 ET
Dow +278.24 at 35116.40, Nasdaq +80.23 at 14761.28, S&P +35.99 at 4423.15

[BRIEFING.COM] The S&P 500 advanced 0.8% on Tuesday and closed at a record high. The Dow Jones Industrial Average kept pace with its own 0.8% gain, followed by more modest gains in the Nasdaq Composite (+0.6%) and Russell 2000 (+0.4%).

The market faded a positive start like yesterday, but today buyers appeared to step in after the 10-yr yield was able to hold above yesterday's intraday low (1.14%). It touched 1.15% before settling the session unchanged at 1.18%.

The equity gains were relatively broad-based at the large-cap level, as ten of the 11 S&P 500 sectors closed higher and the Invesco S&P 500 Equal Weight ETF (RSP 153.73, +1.28, +0.8%) gained 0.8%. Still, Apple (AAPL 147.36, +1.84, +1.3%), Microsoft (MSFT 287.12, +2.30, +0.8%), and Amazon.com (AMZN 3366.24, +34.76, +1.0%) pulled their weight and some.

The energy (+1.8%), industrials (+1.4%), health care (+1.4%), and financials (+1.1%) sectors stood atop the leaderboard with gains over 1.0%. Eli Lilly (LLY 255.99, +9.39, +3.8%) supported the health care sector following its mixed earnings report.

The communication services sector (-0.2%) was the lone holdout, pressured by weakness in Take-Two Interactive (TTWO 159.86, -13.35, -7.7%) after the company issued disappointing full-year guidance. On a related note, Chinese gaming stocks were hit by regulatory concerns.

Robinhood Markets (HOOD 46.80, +9.12, +24.2%) was another story stock, surging 24% on no specific news. HOOD shares closed the session up 41% from its low on IPO day last Thursday.

Overall, it was a resilient day given that declining issues slightly outnumbered advancing issues at the Nasdaq and given the uncertainty surrounding the Delta variant, infrastructure, and the Treasury market. The CBOE Volatility Index (18.04, -1.42, -7.3%) declined to the 18 level.

The 2-yr yield decreased one basis point to 0.17%. The U.S. Dollar Index was unchanged at 92.07. WTI crude futures decreased 1.0%, or $0.74, to $70.57/bbl.

Tuesday's economic data was limited to Factory Orders for June, which increased 1.5% (Briefing.com consensus +1.0%) following a revised 2.3% increase in May (from +1.7%).

Looking ahead, investors will receive the ISM Non-Manufacturing Index for July, the ADP Employment Change report for July, the final IHS Markit Services for July, and the weekly MBA Mortgage Applications Index on Wednesday.

S&P 500 +17.8% YTD
Dow Jones Industrial Average +14.7% YTD
Nasdaq Composite +14.5% YTD
Russell 2000 +12.6% YTD

Energy stocks rallying even with lower oil prices
03-Aug-21 15:30 ET
Dow +267.02 at 35105.18, Nasdaq +69.33 at 14750.38, S&P +34.20 at 4421.36

[BRIEFING.COM] The S&P 500 is trading at session highs with a 0.8% gain and is trading a couple points below its all-time closing record high.

One last look at the sectors shows energy (+1.7%), industrials (+1.4%), health care (+1.3%), and financials (+1.2%) leading the advance with gains over 1.0%. The communication services sector (-0.2%) is the only sector trading lower.

WTI crude futures settled lower by 1.0%, or $0.74, to $70.57/bbl.