Where the session stands: breadth, sectors, and what moved.
Read the transcript
This is the CAMS Midday Market Check for Friday, August seventh.
The smallest stocks are doing the most work today. The Russell 2000 is up a full percent at midday, the Nasdaq 100 is up about nine tenths, and the S&P 500 is higher by roughly half a percent. The Dow trails all of them, up less than two tenths.
That last number is the interesting one. Inside the Dow, sixteen names are higher and fourteen are lower, nearly a coin flip. The average is being carried by a short list. Salesforce is up about two and a half percent, Honeywell about two, Nvidia roughly one and a half. On the other side, Visa, Dow Inc, and Caterpillar are each down more than a percent. So the blue chip index is participating, but thinly.
The sector picture is where the session's character shows up. Eight of the eleven sectors are higher. Consumer discretionary leads, up about one and a half percent, with materials and technology both a bit over one percent. The soft side is defensive and financial. Staples is roughly flat, energy is off two tenths, and financials are down about a third of a percent. Cyclicals and growth are out front, while banks and defensives lag.
Volatility is quiet. The VIX is near fifteen and slightly lower on the day.
As for the calendar, the heavy item already cleared. The monthly employment report, including payrolls and the unemployment rate, landed at eight thirty this morning, alongside Canadian jobs data. Nothing else high impact is scheduled in the United States this afternoon. Next week brings consumer prices on Wednesday and producer prices Thursday.
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