Stock Market Update 2021-01-26 12:55:00

12:55PM ET 1/26/2021

The S&P 500 set an intraday all-time high shortly after the open, but the benchmark index is currently trading lower by 0.1% in a lackluster session. The Nasdaq Composite (unch), Dow Jones Industrial Average (unch), and Russell 2000 (-0.3%) also trade near their flat lines. 

Eight of the 11 S&P 500 sectors are holding losses, including energy (-1.5%) and utilities (-1.3%) at the bottom. The consumer staples (+0.4%), communication services (+0.5%), and real estate (+0.5%) sectors trade in positive territory, and the mega-caps are also exerting some influential support today.

There is some hesitancy to buy the broad market amid an underlying sense that the market is due for a pullback given the number of record highs set this month and level of speculation in parts of the market. Once again, most of the action today is at the individual stock level amid earnings reports and other corporate news. 

On the earnings front, Johnson & Johnson (JNJ 170.90, +4.94, +3.0%), General Electric (GE 11.22, +0.23, +2.1%), and 3M (MMM 174.91, +4.51, +2.7%) have pleased investors with their results, while Verizon (VZ 56.82, -1.60, -2.8%) and American Express (AXP 117.75, -3.41, -2.8%) trade lower despite beating EPS estimates.  

Other stocks include Beyond Meat (BYND 188.97, +30.24, +19.1%), Twitter (TWTR 50.13, +2.29, +4.8%), and Etsy (ETSY 207.11, -1.70, -0.8%).

Etsy is more a sign of the times, as shares rose as much as 8.6% after Elon Musk tweeted that he "kinda loves" the company. Beyond Meat formed a joint venture with PepsiCo (PEP 141.33, +1.15, +0.8%). Twitter agreed to acquire Revue, which is a service that makes it "free and easy for anyone to start and publish editorial newsletters."

The 10-yr yield is flat at 1.04%. 

Reviewing today's economic data:

The Conference Board's Consumer Confidence Index increased to 89.3 in January ( consensus 89.0) from a downwardly revised 87.1 (from 88.6) in December.The key takeaway from the report is that the optimism about the short-term outlook outweighed a weakening view about current business and labor market conditions.The S&P Case-Shiller Home Price Index increased 9.1% in November ( consensus 9.0%) following an upwardly revised 8.0% reading in October (from +7.9%).The FHFA Housing Price Index increased 1.0% in November.