Where the session stands: breadth, sectors, and what moved.
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This is the CAMS Midday Market Check for Tuesday, August eleventh.
The tape is drifting rather than trending at midday. The S and P 500 is off about two tenths of a percent, the Nasdaq 100 roughly a third, and the Dow a little over a tenth. The outlier is the Russell 2000, higher by about four tenths, so the smallest companies are the strongest part of the market today.
Breadth inside the Dow says much the same thing. Sixteen of the thirty names are higher and fourteen lower, close to an even split, which is a friendlier picture than the index number alone suggests. Dow Incorporated is out front with a gain north of two percent, and Home Depot and IBM are also higher. At the other end, Honeywell is down about three and a half percent, Nike close to three, and Cisco more than one and a half.
Sector leadership is a mixed bag rather than a clean rotation. Energy leads, up roughly one percent, with utilities near nine tenths and industrials about two thirds. Consumer staples, health care and consumer discretionary sit at the bottom, each lower by a quarter to four tenths. Four sectors green, seven red. Cyclical strength and defensive strength are sitting side by side, and so is defensive weakness, which is a market sorting itself out name by name rather than by theme.
Volatility is quiet, with the VIX near fifteen and a half and a touch lower.
The heavy calendar item today came overnight from Australia's central bank. The next one that matters here lands tomorrow morning, with the consumer price report at eight thirty Eastern.
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