Where the session stands: breadth, sectors, and what moved.
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This is the CAMS Midday Market Check for Friday, July 24th.
Stocks are broadly higher at midday, with most of the major indexes in positive territory. The S&P 500 is up about half a percent. The Dow is doing a little better, gaining roughly six-tenths of a percent. Small caps, measured by the Russell 2000, are up about a quarter percent. The one exception is the Nasdaq 100, which is slightly negative — off about a third of a percent. That gap between the Dow and the Nasdaq tells much of the session's story.
Breadth inside the Dow is solid. Twenty-three of the thirty components are advancing, with only seven declining. IBM, Salesforce, and Apple are among the stronger movers on the day, while American Express is the notable laggard, down more than five percent.
The sector picture reinforces that rotation theme. Real estate is leading the tape, up more than two percent. Materials and health care are also outperforming. On the other end, technology is the only S&P sector in the red today, which explains why the Nasdaq is the lone major index with a loss. Energy and utilities are positive but trailing the broader market.
When rate-sensitive areas like real estate sit at the top of the sector rankings and technology is the lone decliner, it reflects a session where capital is rotating away from the large-cap growth complex.
Volatility is retreating sharply. The VIX is down more than six percent, sitting near seventeen and a half — that decline in the fear gauge is consistent with the broadly positive tone across most of the market.
Looking ahead on the calendar, next week brings the Federal Reserve's two-day policy meeting. Day one is Wednesday, July 29th, with the rate decision on Thursday, July 30th.
CAMS publishes impersonal market research — nothing here is individualized investment advice. The full written research is at curve ahead market strategies dot com.
CAMS publishes impersonal market research. Nothing here is individualized investment advice or a recommendation to buy or sell any security.