Midday Market Update: Cyclicals Back Off a Bit, Tech Hangs Tight

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Stock gains eased by midday Wednesday, as mixed economic data hit the wires and risk sentiment was mixed. 

The S&P 500’s gain accelerated from where it was in the morning, but it was lifted higher by tech stocks, not stocks that perform well with economic bullishness. The tech-heavy Nasdaq rose 0.73%, while the S&P 500 rose 0.49%. The 10-Year Treasury yield, which investors buy when they’re nervous about the economy, rose on the day to 0.68%, but was previously at 0.69%. Yields rise when prices fall. 

Jobs numbers missed estimates of 3.5 million, but showed a gain of just under 3 million for the month of June. The June ISM manufacturing index beat estimates, hitting 52, against expectations of 50. Anything above 50 is year-over-year growth. May's reading showed a heavy contraction. 

Cyclical stocks like oil and banking fell more about 2%, after having been up in the morning. Some industrials, unsurprisingly, held onto gains on the manufacturing data. Large cap consumer discretionary saw slight gains.  

The NYSE FANG index rose 2%, helping bring the S&P 500 higher. Apple  (AAPL) - Get Report was up 0.45% after it asked suppliers to cut delays in the production of its next generation iPhones. This is amidst reports that 5G demand is looking weaker than expected.  

The Federal Reserve's minutes for June will be released at 2PM EST. Stick with TheStreet for coverage on what could be a market moving release.

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