Large-cap indices not doing much today
The S&P 500 (-0.1%), Nasdaq Composite (unch), and Dow Jones Industrial Average (-0.3%) are trading mixed and little changed in a lackluster session for the large-caps. Any positive close for the S&P 500 would be good for a closing record high. Buying efforts have been more speculative in places like the Russell 2000 (+0.4%), iShares Micro-Cap ETF (IWC 153.81, +0.50, +0.3%), and Renaissance IPO ETF (IPO 63.19, +0.50, +0.8%). The modest speculative activity is likely being supported by an understanding that the Fed isn't going to tighten its monetary policy anytime soon, and it probably won't even officially announce plans to taper asset purchases until later this year. Economists polled by Reuters indicated expectations for the Fed to announce taper plans in August or September. In the large-cap domain, the S&P 500 health care sector is down 1.1% after outperforming yesterday, but it's the only sector up or down more than 1.0%. Conversely, the information technology sector (+0.2%) is providing some support amid gains in Apple (AAPL 126.99, +0.88, +0.7%) and NVIDIA (NVDA 713.44, +16.45, +2.4%). Separately, the preliminary University of Michigan Index of Consumer Sentiment increased to 86.4 in June (Briefing.com consensus 83.5) from 82.8 in May amid improved expectations for future economic prospects, particularly among middle and upper income households. Rising inflation in houses and vehicles remained a top concern for consumers.The Treasury market, meanwhile, continues to signal a view that inflation rates, and potentially economic growth rates, are peaking. The 10-yr yield touched 1.43% overnight, although it's now trading back its unchanged mark at 1.46%. Reviewing today's economic data:The preliminary June reading for the University of Michigan Index of Consumer Sentiment increased to 86.4 (Briefing.com consensus 83.5) from the final reading of 82.8 for May.The key takeaway from the report is that, even though inflation expectations softened some, rising inflation remained a top concern for consumers.