Well don’t look now, but the Nasdaq and the S&P 500 are making another fresh all-time high.  Upbeat earnings and good economic data are helping to propel the markets higher.  Once again, FAANG stocks are rocking.  Apple (AAPL) and Telsa (TSLA) both had upgrades to the price targets, ahead of their split on August 31. 

However, it is a mixed market, with the Dow and the Russell lagging.  Only 4 of the 11 S&P 500 sectors are in the green. Yesterday, we discussed the DJIA adding Communications Services names.  What is today’s winning sector?  Communication Services followed closely by Technology.  Energy once again is the worst performer.

Despite the gains today, declining issues are outpacing advancing.  However, up volume far outpaces down, and new highs keep on marching upward.

The 10-yr U.S. benchmark treasury yield continue to gain and is up to 0.71%, from 0.64% at the beginning of the week.  The dollar is going in the opposite direction, and it is continuing its decline, down to 92.86. 

On the economic front, the weekly MBA Mortgage Applications Index declined 6.5%, and is the largest drop since June 19, following a 3.3% decrease in the prior week. Refinance applications dipped 10.2%, while new mortgage applications increased 0.4%. The 30-year fixed rate mortgage slipped by 2 basis points to 3.11%.