[BRIEFING.COM] Stocks ended Tuesday with modest gains as renewed buying interest in semiconductor stocks helped offset a mixed showing across the broader market. The Nasdaq Composite (+0.7%) led the major averages, while the S&P 500 (+0.3%) and DJIA (+0.3%) logged smaller advances during a session that otherwise featured relatively limited conviction.

Chip stocks provided the clearest source of leadership after coming under considerable pressure over the past several sessions. The PHLX Semiconductor Index gained 1.4%, lifting the information technology sector (+1.0%) to the top of the sector standings. NVIDIA (NVDA 212.95, +4.47, +2.14%) broke a seven-session losing streak ahead of its earnings report Wednesday after the close, while Super Micro Computer (SMCI 38.45, +3.28, +9.33%) ranked among the best-performing S&P 500 components after Cisco (CSCO 111.11, +0.88, +0.80%) expanded its NVIDIA AI partnership to include Supermicro rack-scale systems in its Secure AI Factory.

Strength among large chipmakers also helped the Vanguard Mega Cap Growth ETF rise 0.6%, although performance among mega-cap stocks outside of the semiconductor trade was less consistent. SpaceX (SPCX 137.97, +2.97, +2.20%) was a notable standout after confirming that construction of its Starbase launch facility in Louisiana will begin in 2027, while Meta Platforms (META 570.05, +11.03, +1.97%) provided support for the communication services sector (+0.5%).

The health care sector (+0.3%) also edged higher, with Moderna (MRNA 158.83, +19.94, +14.36%) again standing out. The stock continued its volatile stretch following last week's triple-digit surge on positive melanoma vaccine results, rebounding sharply after some recent profit-taking.

The positive finish for the major averages contrasted with weakness across several areas that had performed better recently. Retail stocks generally struggled, contributing to a 0.9% decline in the consumer staples sector and a 0.3% loss in the consumer discretionary sector. Athletic apparel stocks were a particularly weak pocket following Dick's Sporting Good's (DKS 124.31, -55.02, -30.68%) earnings report, which featured disappointing results from Foot Locker. NIKE (NKE 39.48, -1.28, -3.13%) finished as the worst-performing DJIA component, while Deckers Outdoor (DECK 88.74, -3.34, -3.63%) and lululemon athletica (LULU 118.33, -4.45, -3.62%) were also notable S&P 500 laggards as the results weighed on sentiment across the group.

Oil provided another notable crosscurrent. WTI crude settled $2.69 lower (-3.2%) at $82.29 per barrel amid a relatively quiet day of geopolitical headlines, sending the energy sector (-1.7%) to the bottom of the sector standings. The decline in crude was more constructive for oil-sensitive areas of the market, while Treasury yields also moved lower across the curve.

Ultimately, Tuesday's advance was driven more by a return to semiconductor stocks than by broad-based buying. The rebound in chips was enough to lift the major averages and give the Nasdaq a clear edge, while broader participation was mixed. The subdued overall tone came ahead of a potentially more consequential Wednesday, when the July Personal Income and Spending report will provide an update on the Fed's preferred inflation gauge before NVIDIA reports earnings after the close.

U.S. Treasuries had a solid outing on Tuesday, adding to their gains from the start of the week with some help from falling energy prices. The U.S. Treasury kicked off this week's note auction slate with a good $69 billion 2-year note offering ahead of tomorrow's $70 billion 5-year note sale.

• Russell 2000: +21.3% YTD
• S&P Mid Cap 400: +15.0% YTD
• Nasdaq Composite: +12.5% YTD
• S&P 500: +12.2% YTD
• DJIA: +11.5% YTD

Reviewing today's data:

• June FHFA Housing Price Index 0.0%; Prior 0.3%
• July S&P Case-Shiller Home Price Index 2.1% (Briefing.com consensus 1.8%); Prior 1.6%
• August Consumer Confidence 89.4 (Briefing.com consensus 90.6); Prior was revised to 90.2 from 90.8
  • The key takeaway from the report is that the overall decrease in sentiment was owed to another worsening in the Expectations Index, which was somewhat offset by a rebound in the Present Situation Index after three months of deterioration.
• July New Home Sales 607K (Briefing.com consensus 620K); Prior was revised to 678K from 628K
  • The key takeaway from the report is that changes in monthly sales varied greatly by region, but the overall pace of sales slowed. This increased the month's supply of new homes for sale, which could result in some pressure on prices.

[BRIEFING.COM] The major averages remain modestly higher with just half an hour left in the session.

SpaceX (SPCX 138.51, +3.51, +2.60%) is a mega-cap standout today after the company confirmed that its Starbase launch facility in Louisiana will begin construction in 2027. The base will serve as the main launch facility for the company's in-development Starship, which CNBC reports will be the largest rocket ever built or flown.

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.6%), and DJIA (+0.3%) are holding on to their modest gains as the market enters the final hour of the session.

Crude oil futures settled today's session $2.69 lower (-3.2%) at $82.29 per barrel, with lower crude prices contributing to gains across some of the market's more oil-sensitive pockets of the market.

Airlines are mostly higher today, with United Airlines (UAL 115.16, +1.60, +1.40%) among the gainers after CEO Scott Kirby told ABC News that airfares are expected to remain elevated this year, but remain below pre-pandemic levels.

[BRIEFING.COM] The S&P 500 (+0.19%) is up about 14 points, albeit hosting the shallowest gains among the major averages.

Briefly, S&P 500 constituents Moderna (MRNA 156.72, +17.83, +12.84%), Super Micro Computer (SMCI 38.31, +3.14, +8.93%), and Robinhood (HOOD 111.92, +8.30, +8.01%) pepper the top of the standings. MRNA was upgraded to Peer Perform at Wolfe Research as positive melanoma data de-risks intismeran, SMCI rises on Cisco's (CSCO 110.93, +0.70, +0.64%) new partnership to deploy its AI servers alongside Nvidia (NVDA 212.07, +3.59, +1.72%) infrastructure, with strong AI-sector momentum and bullish options activity adding to the gains, with HOOD higher as Mizuho sees the crypto rally gaining legs, citing strong ETF inflows and lower leverage, which in their view makes HOOD a clean beneficiary of renewed retail and crypto trading activity.

Meanwhile, Albemarle (ALB 133.10, -8.41, -5.94%) is firmly lower after JPMorgan cut their target on the stock to $140 (from $160) on lower lithium prices.

[BRIEFING.COM] The Nasdaq Composite (+0.49%) is in first place on Tuesday afternoon, up about 128 points.

Gold futures settled $3.30 lower (-0.1%) at $4,694.50/oz, as investors took some profits following the recent rally, while a firmer U.S. dollar weighed on prices. The market is also looking ahead to U.S. inflation data and Fed Chair Kevin Warsh's Jackson Hole remarks, while concerns over U.S. fiscal policy and expectations for easier Fed policy continue to support gold.

Meanwhile, the U.S. Dollar Index is down less than -0.01% to $98.92.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.13%) is in last place on Tuesday afternoon, up just 68 points.

A look inside the DJIA shows that Merck (MRK 155.35, +4.69, +3.11%), Goldman Sachs (GS 1055.38, +19.10, +1.84%), and NVIDIA (NVDA 212.35, +3.87, +1.86%) are holding firm atop the standings.

Meanwhile, Nike (NKE 39.74, -1.01, -2.48%) is today's worst laggard.

The DJIA is now +1.90% higher month-to-date.

[BRIEFING.COM] It has been a relatively quiet Tuesday for the stock market so far, with the S&P 500 (+0.3%), Nasdaq Composite (+0.6%), and DJIA (+0.1%) holding modest gains just after midday. The market is relatively devoid of new catalysts today, which has kept the major averages in a stable range ahead of tomorrow's action, which will feature the July Personal Income and Spending report as well as NVIDIA's (NVDA 212.44, +3.96, +1.90%) earnings after the close.

NVIDIA, which is looking to snap a seven-session skid, trades higher today as semiconductor stocks finally garner some support after pronounced weakness in recent sessions. The PHLX Semiconductor Index is up 1.4%, keeping the information technology sector (+0.9%) at the top of the S&P 500 sector standings.

Mega-cap performance outside the semiconductor space is mixed, though strength among large chipmakers has lifted the Vanguard Mega Cap Growth ETF 0.6%.

Gains are more limited across the rest of the market, leaving the S&P 500 Equal Weighted Index (-0.1%) modestly lower as investors rotate out of some of the areas that have recently outperformed. The health care sector (+0.5%) is another bright spot, with Moderna (MRNA 157.40, +18.50, +13.32%) leading all S&P 500 names as last week's triple-digit surge that followed headlines of a melanoma vaccine breakthrough continues to generate sharp swings in the stock.

Meanwhile, the consumer staples sector (-0.9%) holds the widest loss after finishing as one of the market's leaders yesterday.

The energy sector (-0.9%) is down similarly as crude oil continues to retreat, currently down $2.77 (-3.3%) to $82.23 per barrel amid a quiet day of geopolitical headlines. Treasury yields are lower across the curve as a result.

There is also some notable weakness across athletic apparel names following Dick's Sporting Good's (DKS 127.53, -51.80, -28.89%) earnings report, which featured particularly disappointing results from Foot Locker. NIKE (NKE 39.80, -0.95, -2.33%) is the worst-performing DJIA component, while Deckers Outdoor (DECK 89.12, -2.96, -3.22%) and lululemon athletica (LULU 117.68, -5.10, -4.15%) are among the S&P 500's laggards as the report weighs on sentiment across the group.

Overall, Tuesday's subdued action has featured some rotation back into semiconductor stocks following their recent selloff, but relatively little conviction elsewhere in the market. With few fresh catalysts driving today's trade, attention is increasingly shifting toward Wednesday's PCE inflation data and NVIDIA's earnings for potential direction.

Reviewing today's data:

• June FHFA Housing Price Index 0.0%; Prior 0.3%
• July S&P Case-Shiller Home Price Index 2.1% (Briefing.com consensus 1.8%); Prior 1.6%
• August Consumer Confidence 89.4 (Briefing.com consensus 90.6); Prior was revised to 90.2 from 90.8
  • The key takeaway from the report is that the overall decrease in sentiment was owed to another worsening in the Expectations Index, which was somewhat offset by a rebound in the Present Situation Index after three months of deterioration.
• July New Home Sales 607K (Briefing.com consensus 620K); Prior was revised to 678K from 628K
  • The key takeaway from the report is that changes in monthly sales varied greatly by region, but the overall pace of sales slowed. This increased the month's supply of new homes for sale, which could result in some pressure on prices.

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.6%), and DJIA (+0.1%) continue to move within a relatively stable range.

NIKE (NKE 39.64, -1.11, -2.72%) is the worst-performing Dow component today following Dick's Sporting Good's (DKS 128.23, -51.10, -28.49%) earnings miss, which featured particularly disappointing results from Foot Locker.

Similarly, Deckers Outdoor (DECK 88.94, -3.14, -3.40%) is a laggard within the S&P 500, and while Dick's Sporting Goods does not carry lululemon athletica (LULU 117.68, -5.10, -4.15%) products, it is also one of the worst-performing S&P 500 components as athletic wear brands move lower today.

[BRIEFING.COM] The major averages are holding on to their modest gains at midday. 

Canada announced C$27.6 billion in retaliatory tariffs on U.S. goods in response to the latest U.S. tariffs on Canadian products. Beginning September 8, Canada will impose tariffs ranging from 15% to 50% on goods including steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, matching the U.S. measures dollar for dollar and rate for rate.

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.5%), and DJIA (+0.1%) are modestly higher just before midday as semiconductor stocks recover a portion of their recent losses, even as the broader market carries a slightly negative bias.

The PHLX Semiconductor Index is up 1.5%, off its opening high but still providing solid support to the information technology sector (+0.8%). Advanced Micro Devices (AMD 478.52, +21.78, +4.77%) is a standout among large chipmakers, while NVIDIA (NVDA 211.10, +2.62, +1.26%) is on track to snap a seven-session losing streak.

The rebound in chip stocks comes without a clear catalyst and has coincided with some rotation out of yesterday's strongest areas. The consumer staples sector (-1.0%) is the biggest laggard after outperforming on Monday.

The energy sector (-0.7%) is also under pressure as oil prices continue to retreat. Treasury yields are moving lower as well, while the morning has progressed with little in the way of new geopolitical developments.

[BRIEFING.COM] The major averages continue to see their early gains eroded, with the S&P 500 (+0.1%) now battling to remain in positive territory.

On the earnings front, Dick's Sporting Goods (DKS 130.68, -48.66, -27.13%) is under heavy pressure after missing FactSet's Q2 EPS and revenue expectations, but the larger concern is a major reset to full-year profitability as worsening athletic footwear and apparel conditions weigh especially heavily on Foot Locker. The central takeaway is that Foot Locker's turnaround has become less predictable and more dependent on external footwear cycles than investors previously believed. Fast Break stores and inventory optimization may still be producing encouraging results, but those initiatives were not powerful enough to offset fewer launches, weak retro demand, and industry-wide discounting across the broader fleet. The concern extends beyond Foot Locker because DKS also lowered the core segment's operating-income outlook despite maintaining its comp forecast, suggesting that protecting market share will require some margin sacrifice. The revised outlook therefore shifts the investment case from expecting a near-term Foot Locker contribution to determining how long DKS must use its stronger core franchise to support a loss-making acquired business. Upcoming results will need to show Foot Locker comps approaching flat, continued Fast Break outperformance, moderating markdowns, disciplined inventory, and a credible path back to segment profitability.

Meanwhile, the Conference Board's Consumer Confidence Index decreased to 89.4 in August (Briefing.com consensus 90.6) from a revised 90.2 (from 90.8) in July. In the same period a year ago, the index stood at 97.8.

The key takeaway from the report is that the overall decrease in sentiment was owed to another worsening in the Expectations Index, which was somewhat offset by a rebound in the Present Situation Index after three months of deterioration.

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.2%), and DJIA (+0.1%) hold on to modest gains as technology stocks give back some of their opening strength. 

New home sales decreased 10.5% month-over-month in July to a seasonally adjusted annual rate of 607,000 (Briefing.com consensus 620,000) from a revised 678,000 (from 628,000) in June. On a year-over-year basis, new home sales were down 6.3%.

The key takeaway from the report is that changes in monthly sales varied greatly by region, but the overall pace of sales slowed. This increased the month's supply of new homes for sale, which could result in some pressure on prices.

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.5%), and DJIA (+0.1%) are modestly higher as tech stocks bounce off yesterday's retreats. The information technology sector (+1.0%) leads the advance, supported by a 1.7% gain in the PHLX Semiconductor Index as a host of semiconductor and computer hardware names occupy the top spots on the S&P 500 leaderboard.

The early tech bounce is somewhat rotational in nature, as several of yesterday's top performers, including the consumer staples (-1.9%) and financials (-04%) sectors, lag this morning despite a dearth of headlines.

Meanwhile, the energy sector (-1.3%) continues to move lower as crude oil retreats, currently down $2.59 (-3.0%) to $82.42 per barrel.

Just released, the Conference Board's Consumer Confidence Index decreased to 89.4 in August (Briefing.com consensus: 90.6) from an downwardly revised 90.2 (from 90.8) in July.

New home sales decreased 10.5% month-over-month in July to a seasonally adjusted annual rate of 607,000 (Briefing.com consensus: 620,000) from an upwardly revised 678,000 (from 628,000) in June.

The stock market remains poised for a higher start as Treasury yields and oil prices continue to retreat while semiconductor stocks show signs of a rebound in the premarket.

Just released, the FHFA Housing Price Index was flat in June, following a 0.3% increase in May.

The S&P Case-Shiller Home Price Index increased 2.1% in July (Briefing.com consensus 1.8%), from a previous increase of 1.6%.

The S&P 500 futures currently trade 21 points above fair value. 

Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note. Japan's budget for FY27 assumes record interest costs. Japan is reportedly planning to exempt gains from non-core business sales from corporate tax if proceeds are reinvested in acquisitions. Separately, Japan is not planning to release crude oil from its national reserve in September or October. The Reserve Bank of Australia's latest policy minutes showed readiness to hike if upside risks materialize. In China, Chengdu's local government eased housing rules and lowered the minimum down payment ratio.

• In economic data:
  • Japan's June BoJ Core CPI 2.3% yr/yr (last 2.6%). June Leading Index 116.5 (expected 116.4; last 116.5) and Coincident Indicator 0.6% m/m (expected 0.3%; last -0.2%)
  • Hong Kong's July trade deficit HKD4.9 bln (last deficit of HKD52.0 bln). July Imports 41.0% m/m (last 45.4) and Exports 50.7% m/m (last 53.4%)
  • South Korea's August Consumer Confidence 104.5 (last 106.8)

---Equity Markets---

• Japan's Nikkei: +0.5%
• Hong Kong's Hang Seng: UNCH
• China's Shanghai Composite: +0.2%
• India's Sensex: +0.4%
• South Korea's Kospi: +0.7%
• Australia's ASX All Ordinaries: +0.6%

Major European indices trade in the green with Germany's DAX (+0.7%) showing relative strength. Germany's Q2 GDP growth was revised up to 0.3% from 0.2% and the ifo Business Climate Index (88.8; expected 87.2) beat expectations, showing some overall improvement in the German economy. Separately, German Chancellor Merz said that his cabinet will consider ways to protect domestic industry. British Prime Minister Burnham will reportedly not rule out a tax hike in the Autumn budget.

• In economic data:
  • Germany's Q2 GDP 0.3% qtr/qtr (expected 0.2%; last 0.4%); 1.0% yr/yr (expected 0.9%; last 0.7%). August ifo Business Climate Index 88.8 (expected 87.2; last 86.7). August Current Assessment 88.5 (expected 87.0; last 86.5) and Business Expectations 89.1 (expected 87.5; last 86.8)
  • France's August Consumer Confidence 86 (expected 87; last 86)
  • Spain's July PPI 9.2% yr/yr (last 7.0%)

---Equity Markets---

• STOXX Europe 600: +0.3%
• Germany's DAX: +0.7%
• U.K.'s FTSE 100: unch
• France's CAC 40: +0.2%
• Italy's FTSE MIB: +0.5%
• Spain's IBEX 35: +0.1%

The S&P 500 futures currently trade 21 points above fair value.

Dick's Sporting Goods (DKS 147.70, -31.63, -17.6%) is moving sharply lower after missing both EPS and revenue expectations and lowering its FY27 EPS, revenue, and Foot Locker comparable sales guidance.

Equity futures point to a higher opening this morning as stocks look to bounce back from a mostly lower finish yesterday, as semiconductor stocks once again weighed against relative strength in the broader market.

The momentum trade is showing signs of improvement in the premarket this morning despite a lack of notable catalysts, as NVIDIA's (NVDA 210.87, +2.39, +1.2%) earnings loom after the close tomorrow.

On the macro front, oil is moving firmly lower again today after yesterday's sanction announcement against Iran, while Treasury yields also continue to move lower following the U.S. Treasury's announcement of increased buybacks.

The market is set to receive the August consumer confidence reading and July new home sales data at 10:00 a.m. ET.

In corporate news:

• Oura Health wants to raise $3 billion for its IPO, according to Bloomberg.
• Apple (AAPL 310.28, -0.06, -0.0%) is planning to introduce a new Mac Mini, according to Bloomberg.
• Meta (META 565.00, +5.98, +1.1%) is aiming to introduce the "Hatch" artificial intelligence agent platform in a few weeks, according to The Information.

Reviewing overnight developments: 

Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note. Japan's Nikkei: +0.5%, Hong Kong's Hang Seng: UNCH, China's Shanghai Composite: +0.2%, India's Sensex: +0.4%, South Korea's Kospi: +0.7%, Australia's ASX All Ordinaries: +0.6%.

In news:

• Japan's budget for FY27 assumes record interest costs.
• Japan is reportedly planning to exempt gains from non-core business sales from corporate tax if proceeds are reinvested in acquisitions.
• Separately, Japan is not planning to release crude oil from its national reserve in September or October.
• The Reserve Bank of Australia's latest policy minutes showed readiness to hike if upside risks materialize.
• In China, Chengdu's local government eased housing rules and lowered the minimum down payment ratio.

In economic data:

• Japan's June BoJ Core CPI 2.3% yr/yr (last 2.6%). June Leading Index 116.5 (expected 116.4; last 116.5) and Coincident Indicator 0.6% m/m (expected 0.3%; last -0.2%)
• Hong Kong's July trade deficit HKD4.9 bln (last deficit of HKD52.0 bln). July Imports 41.0% m/m (last 45.4) and Exports 50.7% m/m (last 53.4%)
• South Korea's August Consumer Confidence 104.5 (last 106.8)

Major European indices trade in the green with Germany's DAX (+0.8%) showing relative strength. STOXX Europe 600: +0.5%, Germany's DAX: +0.8%, U.K.'s FTSE 100: +0.2%, France's CAC 40: +0.4%, Italy's FTSE MIB: +0.6%, Spain's IBEX 35: +0.3%.

In news:

• Germany's Q2 GDP growth was revised up to 0.3% from 0.2% and the ifo Business Climate Index (88.8; expected 87.2) beat expectations, showing some overall improvement in the German economy.
• Separately, German Chancellor Merz said that his cabinet will consider ways to protect domestic industry.
• British Prime Minister Burnham will reportedly not rule out a tax hike in the Autumn budget.

In economic data:

• Germany's Q2 GDP 0.3% qtr/qtr (expected 0.2%; last 0.4%); 1.0% yr/yr (expected 0.9%; last 0.7%). August ifo Business Climate Index 88.8 (expected 87.2; last 86.7). August Current Assessment 88.5 (expected 87.0; last 86.5) and Business Expectations 89.1 (expected 87.5; last 86.8)
• France's August Consumer Confidence 86 (expected 87; last 86)
• Spain's July PPI 9.2% yr/yr (last 7.0%)

[BRIEFING.COM] Stocks finished mixed on Monday as another sharp retreat across semiconductor stocks weighed on the technology-heavy averages, while strength across much of the broader market helped the DJIA (+0.3%) buck the negative trend. The S&P 500 (-0.3%) posted a modest loss, while the Nasdaq Composite (-0.8%) underperformed.

Semiconductors remained at the center of the weakness throughout the session. The PHLX Semiconductor Index fell 2.7%, extending its recent pullback and leaving the information technology sector (-1.6%) at the bottom of the sector standings. Memory and semiconductor-component stocks were among the laggards following another weak showing in Asian markets, while NVIDIA (NVDA 208.46, -6.26, -2.92%) remained under pressure ahead of its earnings report Wednesday after the close, extending its losing streak to seven consecutive sessions.

Related weakness spilled into the industrials sector (-0.7%), where electronic equipment names remained under pressure alongside the semiconductor trade. Caterpillar (CAT 811.02, -16.88, -2.04%) and Boeing (BA 210.46, -3.74, -1.75%) were additional drags, while aerospace and defense stocks also struggled.

The losses in those areas contrasted with a considerably firmer showing across most of the market. Eight S&P 500 sectors finished higher, allowing the S&P 500 Equal Weighted Index (+0.1%) to outperform its market-cap-weighted counterpart.

The consumer staples sector (+1.8%) led the way as Walmart (WMT 106.49, +2.79, +2.69%) rebounded from its post-earnings weakness, while the financials sector (+1.2%) also posted a solid gain, with major banking and payment names contributing to the DJIA's outperformance.

Strength in Alphabet (GOOG 344.59, +2.84, +0.83%) and Meta Platforms (META 559.02, +9.12, +1.66%) helped the communication services sector (+1.0%) outperform as well.

Another decline in oil prices provided a favorable backdrop for many consumer and other oil-sensitive stocks. WTI crude settled $2.09 lower (-2.4%) at $84.98 per barrel, leaving the energy sector (-0.8%) among the relatively few groups to finish lower. Treasury yields also declined, providing additional relief for rate-sensitive areas following the recent volatility in longer-term rates. The afternoon brought the formal launch of the Trump administration's new economic pressure campaign against Iran, dubbed "Operation Economic Outcast." Treasury Secretary Scott Bessent outlined plans targeting Iran-linked entities, brokerage networks, shadow-fleet vessels, and several critical sectors, while also warning of potential consequences for countries that continue cooperating with Iran. Bessent characterized the initial measures as a "warning shot," but stocks and oil prices showed little reaction to the announcement.

Despite the more constructive backdrop from lower oil prices and Treasury yields, strength did not extend evenly across the market. The Russell 2000 (-0.8%) and S&P MidCap 400 (-0.8%) underperformed the large-cap benchmarks.

Monday's session ultimately reflected a sharp divide between continued weakness in semiconductor-related stocks and a much firmer showing elsewhere. Selling in chips was substantial enough to keep the S&P 500 lower and weigh heavily on the Nasdaq, but gains across eight S&P 500 sectors, along with lower oil prices and Treasury yields, helped limit the broader damage and allowed the DJIA to finish in positive territory.

U.S. Treasuries began the week with gains in longer tenors while the short end underperformed, finishing with a slim loss. The 2-year note yield settled up one basis point to 4.24% and the 10-year note yield settled down three basis points to 4.70%. 

There was no economic data of note today.

• Russell 2000: +20.7% YTD
• S&P Mid Cap 400: +15.0% YTD
• S&P 500: +11.8% YTD
• Nasdaq Composite: +11.8% YTD
• DJIA: +11.1% YTD