Where the session stands: breadth, sectors, and what moved.
Read the transcript
This is the CAMS Midday Market Check for Wednesday, August 12.
Stocks are higher at midday, but the gains are not spread evenly. The S&P 500 is up about a quarter of a percent, the Nasdaq 100 is up roughly eight tenths, the Russell 2000 about half a percent, and the Dow is essentially flat, higher by less than a tenth.
That spread is most of today's story. This morning's consumer price index report landed at 8:30 Eastern, and the reaction to it has been concentrated rather than broad. Technology is carrying the tape, up about one and a half percent, roughly double the next best sector. Real estate follows, higher by nine tenths, with industrials up about a third of a percent. On the other side, communications is down about one percent, materials off nearly as much, and consumer discretionary lower by almost nine tenths. Seven of the eleven sectors are higher, four are lower.
Breadth inside the Dow is close to even, sixteen advancers against fourteen decliners. Caterpillar, Nvidia and Merck sit at the top of that list, Salesforce, Home Depot and Microsoft at the bottom. Notice that big technology names show up on both ends. Even the leading sector is not moving as one.
Volatility is easing. The VIX is near fourteen and eight tenths, down more than three percent on the day, which fits a market treating this morning's inflation reading as an event now behind it.
There is nothing further of consequence on the U.S. calendar this afternoon. Tomorrow brings producer prices and weekly jobless claims, both at 8:30 Eastern.
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