Where the session stands: breadth, sectors, and what moved.
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This is the CAMS Midday Market Check for Monday, August tenth.
Stocks are drifting a little lower at midday, but the surface move is much smaller than the movement underneath it. The S and P 500 is off about a sixth of a percent, the Dow about a quarter, and the Nasdaq 100 roughly a third. The Russell 2000 is the softest, lower by about two thirds of a percent. The smaller the company, the heavier the tape today.
Breadth on the Dow is close to evenly split, sixteen names lower against fourteen higher. That is the profile of a rotation session rather than a broad retreat, and the rotation itself is unusually stark. Energy is up about three and seven tenths percent, far and away the strongest corner of the market, with Chevron leading the Dow higher by more than three and a half percent. Health care adds about one and a quarter percent, and financials edge up a fraction.
On the other side, technology is off about half a percent, utilities down three quarters, and real estate is the weakest group, lower by roughly one and a half percent. Nvidia and Apple sit at the bottom of the Dow, each down between two and three percent. Five sectors higher, six lower, an even scoreboard hiding a very uneven engine.
Volatility is quiet. The VIX is near fifteen, up about one and a half percent, not the shape of a market in distress.
The rest of today's economic calendar is empty. Australia's rate decision lands overnight, and the week's main event is Wednesday morning's consumer price report, with producer prices Thursday and retail sales Friday.
CAMS publishes impersonal market research — nothing here is individualized investment advice. The full written research is at curve ahead market strategies dot com.
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