[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

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.6%), and DJIA (+0.3%) remain little changed from earlier levels, tracking for a mixed finish to start the week.

Crude oil futures settled today's session $2.09 lower (-2.4%) at $84.98 per barrel, adding to the constructive backdrop for the broader market.

Investors will have a few economic data releases of note to assess tomorrow morning, including August consumer confidence (Briefing.com consensus 90.6) and July new home sales (Briefing.com consensus 620,000).

[BRIEFING.COM] The S&P 500 remains lower by 0.2% going into the final hour of today's session.

The top-weighted technology (-1.2%) is largely responsible for the remaining loss in the broader market, but there is also some softness in industrials (-0.8%) and energy (-0.8%). The industrials sector is facing a continuation of recent weakness in military contractors, which has driven the SPDR S&P Aerospace & Defense ETF (XAR 265.40, -7.34, -2.69%) from a fresh record high on August 14 back to its 200-day moving average (265.29) today. This leaves the industry group essentially in the middle of a range that has been in effect since the start of the year.

As for energy, the sector is on the receiving end of some profit taking after a strong August. Even with today's loss, the group is still up more than 5.0% for the month, easily outpacing the S&P 500 and its 2.3% month-to-date gain.

[BRIEFING.COM] The major averages hover near their opening levels with relative weakness in the Nasdaq (-0.4%) and outperformance in the Dow (+0.1%). The market has fought to recover from its opening lows, but making progress has been a challenge, largely due to relative weakness in top-weighted technology (-1.2%).

Treasury Secretary Bessent officially announced today the start of an economic pressure campaign against Iran, dubbed "Operation Economic Outcast." The approach involves sanctions on multiple Iran-linked entities with five critical sectors potentially facing secondary sanctions. Brokerage networks and shadow-fleet vessels will also be targeted. Lastly, countries that are found to be cooperating with Iran would also face consequences.

Treasuries trade just shy of their midday highs with longer tenors ahead. The 10-yr yield is down four basis points at 4.70% while the 2-yr yield is flat at 4.23%.

[BRIEFING.COM] The DJIA (+0.1%) remains the best-performing major index today, though it is approaching its flat line.

Caterpillar (CAT 806.33, -21.57, -2.61%) and Boeing (BA 209.34, -4.86, -2.27%) are among the index's worst-performing components, adding pressure to the industrials sector (-1.0%), which is now among the weakest S&P 500 sectors.

Elsewhere in the sector, electrical product names such as Vertiv (VRT 253.17, -8.78, -3.35%) follow semiconductor stocks lower again today.

[BRIEFING.COM] The major averages are little changed following Treasury Secretary Scott Bessent's press conference outlining the administration's new "Operation Economic Outcast" campaign against Iran.

Bessent emphasized that the initial measures are intended as a "warning shot," saying Treasury expects to sanction a major financial institution by the end of the week and warning that banks facilitating Iranian activity risk being removed from the U.S. dollar system.

Crude oil remains firmly lower for the day, currently down $2.16 (-2.5%) to $84.90 per barrel. 

[BRIEFING.COM] The major averages are mixed shortly after midday, with renewed semiconductor weakness weighing on the S&P 500 (-0.2%) and Nasdaq Composite (-0.4%) even as lower oil prices and Treasury yields support broader market strength and help the DJIA (+0.2%) remain higher.

The PHLX Semiconductor Index (-2.7%) is off its worst levels of the session, which briefly pushed the index into negative territory for August, but remains firmly lower and weighs on the information technology sector (-1.2%). Today's retreat followed another weak showing in Asian markets, with memory names and semiconductor component stocks bearing the brunt of the selling. NVIDIA (NVDA 209.99, -4.73, -2.20%) is also a "Magnificent Seven" laggard ahead of its earnings report Wednesday after the close.

The energy sector (-1.3%) is another laggard as crude oil falls $1.67 (-1.9%) to $85.36 per barrel. While the decline is weighing on energy stocks, lower oil prices are providing some relief for the broader market ahead of Treasury Secretary Scott Bessent's afternoon press conference on sanctions against Iran. Treasury yields are also moving lower alongside crude, adding another supportive element to a market that is holding up considerably better beneath the surface than the technology-heavy averages suggest.

Six S&P 500 sectors remain higher, while the S&P 500 Equal Weighted Index is little changed and outperforming its market-cap-weighted counterpart.

The consumer staples sector (+1.4%) sits near the top of the standings, with Coca-Cola (KO 91.76, +0.66, +0.72%) reaching a fresh all-time high while Altria (MO 68.37, +2.28, +3.45%) is one of the top-performing S&P 500 components.

The financials sector (+0.9%) is another outperformer, with strength in major banking and payment names contributing to the DJIA's outperformance.

Currently, the communication services sector (+1.5%) holds the widest gain as Alphabet (GOOG 347.76, +6.02, +1.76%) and Meta Platforms (META 558.10, +8.20, +1.49%) trade higher amid a relatively strong showing for non-semiconductor mega-cap stocks.

Outside the S&P 500, the Russell 2000 (-0.6%) and S&P MidCap 400 (-0.9%) remain firmly lower.

Overall, today's action continues to highlight a divergence between pronounced weakness in the semiconductor trade and a considerably steadier showing across much of the rest of the market. Lower oil prices and Treasury yields are providing some support, but the continued retreat in chip stocks is weighing heavily enough to keep the S&P 500 and Nasdaq in negative territory. Attention now turns to Treasury Secretary Bessent's afternoon press conference for additional details on the administration's economic measures against Iran and any potential implications for oil prices and the broader market.

There is no economic data of note today.

[BRIEFING.COM] The S&P 500 (-0.1%) and DJIA (-0.3%) are at their best levels of the session as the PHLX Semiconductor Index (-2.4%) reclaims some of today's losses, while the DJIA (+0.3%) maintains its modest gain.

UnitedHealth (UNH 398.47, +8.36, +2.14%) is one of the top-performing Dow components, helping the health care sector (-0.1%) recover from a sharp opening loss. Much of the early weakness was attributed to another steep loss in Moderna (MRNA 137.95, -7.18, -4.95%) after last week's triple-digit surge, though the stock has recovered almost half of its earlier loss today.

[BRIEFING.COM] The major averages remain little changed from previous levels at midday. 

Steel stocks are rallying after U.S.-Canada trade negotiations fell through. Canada is a major supplier of U.S. steel imports, and the 50% tariff should provide additional protection for domestic producers by limiting Canadian imports. Cleveland-Cliffs (CLF 11.74, +0.46, +4.13%), Nucor (NUE 248.06, +4.43, +1.82%), and Steel Dynamics (STLD 232.86, +4.18, +1.83%) are notable beneficiaries, while steel consumers such as General Motors (GM 86.38, -1.55, -1.76%) and Ford Motor (F 13.82, -0.59, -4.09%) are under pressure.

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.7%), and DJIA (+0.2%) are mixed just before midday as another retreat across semiconductor stocks overshadows strength in the broader market as oil prices and Treasury yields move lower.

The information technology sector (-1.6%) is firmly lower as the PHLX Semiconductor Index (-3.8%) remains under pressure. After the index shed 20% in July, semiconductor stocks got off to a hot start in August, though pronounced weakness in recent sessions now has the index in slightly negative month-to-date territory.

The energy sector (-1.3%) is the next worst performer, though the $2.08 (-2.4%) retreat in crude oil to $85.00 per barrel has boosted the broader market ahead of Treasury Secretary Scott Bessent's afternoon press conference on sanctions against Iran.

Strength is not quite as broad as it was at the open, but six S&P 500 sectors remain higher with some solid gains in the mix. The consumer staples (+1.5%), financials (+1.3%), and communication services (+1.2%) sectors are the top movers, and the S&P 500 Equal Weighted Index (flat) is outperforming the market-weighted S&P 500.

Though Treasury yields are moving lower in tandem with oil prices, the Russell 2000 (-0.5%) and S&P Mid Cap 400 (-0.7%) hold losses similar to those of the major averages.

[BRIEFING.COM] The major averages continue to trade in a mixed fashion.

The communication services sector (+1.1%) is now one of the top-performing S&P 500 sectors today, supported by solid gains in its mega-cap components Alphabet (GOOG 345.92, +4.17, +1.22%) and Meta Platforms (META 552.29, +2.39, +0.43%).

Five of the "Magnificent Seven" stocks trade higher today, with NVIDIA (NVDA 209.28, -5.44, -2.53%) and Tesla (TSLA 358.27, -4.59, -1.26%) the laggards. Even with the relative strength across the market's largest names, the Vanguard Mega Cap Growth ETF is down 0.6% as semiconductor stocks continue to move firmly lower. To that end, NVIDIA is on track for its seventh consecutive lower finish, which CNBC reports would be the longest streak since 2022.

[BRIEFING.COM] So far, the S&P 500 (-0.4%), Nasdaq Composite (-1.0%), and DJIA (+0.3%) are trading in a relatively stable range as a $1.83 (-2.1%) slide in crude oil to $85.23 per barrel supports broad gains despite another slide in semiconductor names.

Jersey Mike's (JMKE 23.54, -0.32, -1.34%)  is trading modestly lower following initiations of coverage from at least 17 sell-side firms after the expiration of the quiet period following its IPO. JMKE priced its IPO at $23 on July 30 and opened for trading at $21, with shares mostly trading sideways since the debut. The muted reaction to the coverage launch today suggests investors may have already anticipated largely bullish views on the fast-casual restaurant franchisor, while concerns around consumer spending and inflation remain potential near-term headwinds. Jersey Mike's is receiving broad sell-side coverage as the IPO quiet period expires, but the relatively muted stock reaction suggests much of the bullish investment thesis may already be reflected in shares. The company's combination of strong brand recognition, attractive franchisee economics, a 99%-franchised model, and significant domestic whitespace creates a compelling long-term growth story, particularly given its 20-year record of positive same-store sales. At the same time, JMKE is entering the public markets against a backdrop of cautious consumer spending and persistent inflation, which could pressure traffic and franchisee margins. Today's reaction suggests the market had already anticipated favorable sell-side views, leaving execution and the first few quarters as important tests for the post-IPO valuation.

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.9%), and DJIA (+0.3%) are mixed this morning as lingering weakness across semiconductor stocks weighs against a broader market that is supported by lower oil prices and Treasury yields.

Eight S&P 500 sectors trade higher as crude oil gives back some of last week's gains, with investors eagerly awaiting Treasury Secretary Scott Bessent's 2:00 p.m. ET press conference at which he will announce new sanctions on Iran.

Currently, the consumer staples (+1.5%) and financials (+1.4%) sectors are vying for the top spot on the early leaderboard, with Walmart (WMT 104.66, +0.96, +0.92%), Coca-Cola (KO 92.16, +1.06, +1.17%), JPMorgan Chase (JPM 356.90, +5.32, +1.51%), and American Express (AXP 342.36, +6.36, +1.89%) all contributing to the DJIA's outperformance.

Steel names Nucor (NUE 252.07, +8.44, +3.46%) and Steel Dynamics (STLD 236.93, +8.25, +3.61%) are currently the best-performing S&P 500 components after trade negotiations between the U.S. and Canada fell through, and the materials sector (+0.9%) also outperforms.

Meanwhile, a host of oil-sensitive and rate-sensitive stocks also move higher in tandem with easing crude prices.

However, semiconductor weakness continues to be a notable overhang for the market, with the PHLX Semiconductor Index (-3.5%) down sharply this morning. The information technology sector (-1.7%) is the early laggard as memory names and semiconductor equipment names, both of which experienced elevated volatility last week, move firmly lower.

The stock market remains on track for a lower opening this morning as stocks look to recover from a lower finish last week.

This week's action will feature a busier calendar of notable happenings, with Treasury Secretary Scott Bessent's 1:00 p.m. ET press conference on Iranian sanctions continuing to drive headlines this morning.

The S&P 500 futures currently trade 18 points below fair value. 

Equity indices in the Asia-Pacific region began the week on a broadly lower note with South Korea's Kospi (-3.1%) showing relative weakness. Japan's Ministry of Finance is expected to set the assumed interest rate for FY27/28 at 3.8% for debt cost calculations. Anticipation is building ahead of Thursday's scheduled speech from Bank of Japan Deputy Governor Himino, who is likely to hint at more rate hikes. Alibaba lost nearly 10% in Hong Kong after pricing a $10 bln share offering.

• In economic data:
  • Singapore's July CPI -0.2% m/m (last 0.0%); 2.2% yr/yr (last 1.9%)
  • New Zealand's Q2 Retail Sales -0.5% qtr/qtr (expected 0.1%; last 1.0%) and Core Retail Sales 0.7% qtr/qtr (expected 0.3%; last 1.1%)

---Equity Markets---

• Japan's Nikkei: -0.7%
• Hong Kong's Hang Seng: -1.9%
• China's Shanghai Composite: -0.6%
• India's Sensex: -0.2%
• South Korea's Kospi: -3.1%
• Australia's ASX All Ordinaries: +0.5%

Major European indices trade near their flat lines with Spain's IBEX (+0.4%) showing relative strength. Overall action has been restrained by anticipation ahead of Treasury Secretary Bessent's press conference about the economic pressure campaign against Iran. British Prime Minister Burnham visited Ukraine, pledging additional military help. European Central Bank policymaker Cipollone said that he does not see any signs of stagflation.

• No data today

---Equity Markets---

• STOXX Europe 600: -0.1%
• Germany's DAX: -0.1%
• U.K.'s FTSE 100: -0.1%
• France's CAC 40: -0.3%
• Italy's FTSE MIB: -0.1%
• Spain's IBEX 35: +0.4%

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

U.S. Trade Representative Jamieson Greer told CNBC that a trade deal with Canada fell through because Canada "wanted more" on heavy-duty trucks. Greer added that U.S. trade policy is proceeding as planned and noted that the dispute affects only about 5% of imports from Canada.

Steel stocks such as Nucor (NUE 253.57, +9.94, +4.1%) have moved firmly higher since the talks collapsed.

Equity futures point to a lower opening as the market navigates several notable developments this morning.

Oil is moving lower after last week's surge, providing some reprieve to the broader market ahead of Treasury Secretary Scott Bessent's 1:00 p.m. ET press conference, at which he will reveal economic sanctions against Iran. On a related note, CNN reports the U.S. Navy is escorting ships through the Strait of Hormuz at night with their transponders off, and Oil traffic could be double what Wall Street analysts and tracking sites suggest.

Treasury yields are moving modestly lower with oil this morning, though elevated yields, particularly in longer-dated Treasuries, continue to be a headwind for the market. CNBC reports that Treasury Secretary Scott Bessent could tap into Treasury's $1 trillion General Account to buy back bonds.

Meanwhile, weakness across semiconductor components continues to limit growth at the index level, with NVIDIA (NVDA 214.67, -0.04, -0.0%) set to release its earnings Wednesday after the close.

There is no economic data of note on the calendar today, but the market will receive an important inflation reading with the July Personal Income and Spending Report on Wednesday.

In corporate news:

• Anthropic's Fable 5 is seeing weak demand from corporate clients, according to Financial Times.
• Hims and Hers (HIMS 32.87, -0.91, -2.7%) put on notice by Visa (V) for excessive complaints in its weight loss subscription unit, according to Bloomberg. 
• NVIDIA (NVDA 214.67, -0.04, -0.0%) customers were notified of artificial intelligence price increases of 15%, according to Bloomberg.

Reviewing overnight developments: 

Equity indices in the Asia-Pacific region began the week on a broadly lower note with South Korea's Kospi (-3.1%) showing relative weakness. Japan's Nikkei: -0.7%, Hong Kong's Hang Seng: -1.9%, China's Shanghai Composite: -0.6%, India's Sensex: -0.2%, South Korea's Kospi: -3.1%, Australia's ASX All Ordinaries: +0.5%.

In news: 

• Japan's Ministry of Finance is expected to set the assumed interest rate for FY27/28 at 3.8% for debt cost calculations.
• Anticipation is building ahead of Thursday's scheduled speech from Bank of Japan Deputy Governor Himino, who is likely to hint at more rate hikes.
• Alibaba lost nearly 10% in Hong Kong after pricing a $10 bln share offering.

In economic data: 

• Singapore's July CPI -0.2% m/m (last 0.0%); 2.2% yr/yr (last 1.9%)
• New Zealand's Q2 Retail Sales -0.5% qtr/qtr (expected 0.1%; last 1.0%) and Core Retail Sales 0.7% qtr/qtr (expected 0.3%; last 1.1%)

Major European indices trade near their flat lines with Spain's IBEX (+0.4%) showing relative strength. STOXX Europe 600: +0.1%, Germany's DAX: -0.1%, U.K.'s FTSE 100: +0.1%, France's CAC 40: -0.1%, Italy's FTSE MIB: +0.1%, Spain's IBEX 35: +0.4%.

In news: 

• Overall action has been restrained by anticipation ahead of Treasury Secretary Bessent's press conference about the economic pressure campaign against Iran.
• British Prime Minister Burnham visited Ukraine, pledging additional military help.
• European Central Bank policymaker Cipollone said that he does not see any signs of stagflation.

There is no economic data of note today. 

[BRIEFING.COM] Stocks bounced back from Thursday's broad selloff on Friday, with strength across most areas of the market helping the major averages recover a portion of their losses. The S&P 500 (+0.4%) and Nasdaq Composite (+0.4%) posted modest gains, while the DJIA (+1.0%) outperformed as broader participation and its relatively limited exposure to semiconductor weakness worked in its favor. The rebound extended well beyond the large-cap benchmarks. The Russell 2000 (+0.9%) outperformed, while the S&P MidCap 400 (+0.4%) finished in line with the S&P 500.

The utilities sector (-2.3%) was the only S&P 500 sector to post a sizable decline. A continued rally in precious metals provided one of the clearest sources of leadership. The materials sector (+2.2%) topped the sector standings as Newmont Corporation (NEM 131.58, +3.94, +3.09%) and Freeport-McMoRan (FCX 76.67, +5.45, +7.65%) posted strong gains. Gold futures jumped $110.50 (+2.4%) to $4,680.10 per ounce, extending their August advance to nearly $600 per ounce, while silver added 2.1% to $69.56 per ounce.

The health care sector (+1.3%) also remained near the top of the standings as Moderna (MRNA 145.13, +11.81, +8.86%) rebounded after giving back a portion of Wednesday's massive cancer-vaccine-driven rally on Thursday.

Strength in banking and crypto-related names helped the financials sector (+1.0%) outperform. Robinhood Markets (HOOD 108.13, +13.03, +13.70%) and Coinbase Global (COIN 186.49, +14.14, +8.20%) were among the S&P 500's strongest components as Bitcoin extended its surge this week, providing another source of support for a sector that also benefited from gains across several large banks.

Company-specific catalysts contributed to the consumer discretionary sector's (+0.9%) advance. Tesla (TSLA 362.86, +17.73, +5.14%) rallied after Nevada approved robotaxi services in Clark County, while Target (TGT 165.42, +7.17, +4.53%) extended its post-earnings momentum to a new multi-year high and Ross Stores (ROST 239.04, +10.05, +4.39%) advanced following its earnings report.

Mega-cap stocks generally participated in the rebound as well. Alphabet (GOOG 341.75, +3.55, +1.05%) and Meta Platforms (META 549.90, +4.07, +0.75%) helped lift the communication services sector (+0.9%), while the Vanguard Mega Cap Growth ETF gained 0.4%.

Semiconductors remained a relative weak spot, although the group improved from its midday levels. The PHLX Semiconductor Index finished 0.5% lower, capping a difficult week for chip stocks and keeping the information technology sector flat despite strength in software. Marvell (MRVL 237.04, -13.97, -5.57%) was a notable laggard as investors took profits following Wednesday's nearly 10% surge on news of its expanded custom-silicon agreement with Alphabet.

Crude oil finished little changed, removing one of the headwinds that contributed to Thursday's selloff and leaving the energy sector (-0.2%) with a modest loss. Treasury yields remained an important focus after this week's volatility at the long end, but neither rates nor oil prevented broader participation in Friday's rebound.

Friday's advance provided a constructive end to a volatile week, with strength in materials, financials, health care, consumer names, and small-cap stocks offsetting another softer showing from semiconductors. The broad participation helped the DJIA outperform and allowed the market to recover some of Thursday's decline, even as continued weakness in chip stocks kept the S&P 500 and Nasdaq's gains more modest. Attention will quickly turn to another busy week of potential catalysts. Wednesday's July Personal Income and Spending report will feature the Fed's preferred PCE Price Index, while the earnings calendar includes several retailers and high-profile software companies. NVIDIA's (NVDA 214.76, -2.09, -0.96%) report after Wednesday's close will be the centerpiece, particularly after the sharp swings across semiconductor and AI-related stocks this week.

U.S. Treasuries finished the week on a lower note with little to show for after a brief midweek boost, which followed news that the Treasury will increase the upper limit of its buybacks of longer tenors. The Friday session was a unidirectional affair, as the long bond opened with a slim loss while shorter tenors started near their flat lines before spending the remainder of the session in a steady retreat that lifted the 30-year yield toward its closing level from Tuesday while the 10-year yield finished just below its 2026 high from the end of July. The 2-year note yield settled up four basis points to 4.23% (+6 basis points this week), and the 10-year note yield settled up four basis points to 4.74% (+4 basis points this week). 

• Russell 2000: +21.6% YTD
• S&P Mid Cap 400: +15.9% YTD
• Nasdaq Composite: +12.6% YTD
• S&P 500: +12.1% YTD
• DJIA: +10.9% YTD

Reviewing today's data:

• Flash August S&P Global U.S. Services PMI checked in at 56.8, from the prior reading of 54.6.
• Flash August S&P Global U.S. Manufacturing PMI came in at 53.2, from the previous level of 53.9