S&P 500 Hovers Near All-Time High as Utilities, Energy Shine

### Major Index Performance- **S&P 500**: Up 0.1% in early trading, just above its all-time closing high set last month. It closed at around 6114 on the previous Friday and is nearing the all-time high of 6118.71[1][3].- **Dow Jones Industrial Average**: Down 59 points, or 0.2%, as of 9:35 a.m. Eastern time[1].- **NASDAQ Composite**: Up 0.3%[1].### Key Factors Driving Today's Market Direction- Stronger-than-expected profit from Entergy, which jumped 4.3%, helped offset market declines[1].- Conagra's 6.6% drop due to lowered profit forecasts and supply issues affecting its frozen meals and vegetables product lines[1].- Solid U.S. economic data, including lower-than-expected unemployment benefits applications, supporting the market near record highs[3].### Notable Sector Performance- **Top Gainers**: Utilities and Energy sectors saw gains, though specific daily numbers are not available. Entergy's strong performance is a notable highlight in the Utilities sector[1][4].- **Decliners**: Consumer Staples sector, particularly Conagra, due to supply issues and lowered forecasts[1].### Market Highlights- **Most Actively Traded Stocks**: Entergy and Conagra were among the most actively traded due to their respective earnings reports[1].- **Biggest Percentage Gainers and Losers**: Entergy up 4.3%, Conagra down 6.6%[1].- **Significant Market-Moving News Events**: Stronger profit from Entergy and supply issues affecting Conagra's forecasts[1].### Technical Analysis- **Current Market Trend**: Bullish indicators prevail with the S&P 500 closing above all moving averages and near its all-time high. The 21-day, 50-day, 100-day, and 200-day moving averages are all rising[2].- **Key Support and Resistance Levels**: - S&P 500: Resistance levels at 6125, 6100, and 6090; support levels at 5990, 5970, and 5950[2].- **Trading Volume Analysis**: No significant changes in trading volume noted, but the market is expected to see higher closes despite morning weakness[2].- **VIX Movement and Implications**: The VIX is not explicitly mentioned, but the overall bullish indicators suggest a stable or decreasing VIX, indicating lower volatility[2].### Forward-Looking Elements- **Pre-market Futures Indication**: U.S. stock index futures edged higher in light trading on Monday night, indicating a cautious but positive sentiment[5].- **Key Events to Watch for Tomorrow**: - Empire State manufacturing survey expected to rise to -1.0 from -12.6[2]. - Home builder confidence index expected to dip slightly to 46 from 47[2].- **Important Upcoming Earnings Releases**: No specific releases mentioned for the immediate future, but the market is closely watching corporate reports for continued strength[4].- **Potential Market Catalysts**: Economic data releases, particularly the Empire State manufacturing survey and home builder confidence index, and any updates on inflation and job market conditions[2][3].This content was created in partnership and with the help of Artificial Intelligence AI