Market Update

The broad market made a modest move to an incrementally improved multi-year high, but listless action has left stocks to remain near the neutral line as they chop along with little direction.

Tech stocks are up a solid 0.4% today, but the largest sector by market cap has been unable to inspire meaningful interest in the rest of the market. Although Tech has helped the Nasdaq move narrowly higher, both the Dow and S&P 500 have been bouncing along the neutral line for the better part of the day.

Data has been relatively underwhelming in that the latest Consumer Confidence Index fell on the order of what had been widely expected. Germany’s latest reading on consumer confidence also turned lower from the prior month.

Energy stocks have been a drag on trade. The sector has drifted down to a 0.7% loss, although oil prices have generally oscillated along the flat line for the second straight session. Oil was last quoted with a fractional loss at $106.95 per barrel.

Despite the generally quiet tone of trade, the Volatility Index is up more than 5% today. It dropped sharply during the stock market’s rally in the prior session.

The lack of action among stocks has been mirrored by currencies, such that the dollar has spent its day mired near the neutral line. Neither the euro, sterling pound, nor the Japanese yen have attempted any sort of dramatic move. DJ30 +2.73 NASDAQ +7.47 SP500 +0.63 NASDAQ Adv/Vol/Dec 1130/825 mln/1325 NYSE Adv/Vol/Dec 1440/290 mln/1450

Market Update