Stock Market Update

[BRIEFING.COM] The market settled into a downtrend recently with the major indices all reaching session lows. 

Outsized moves so far today have been limited to stocks with specific catalyst. Catalent (CTLT 35.07, -12.70, -26.6%) and Tyson Foods (TSN 52.70, -7.99, -13.2%) are losing standouts in that regard. CTLT delayed its third quarter results and conference call, saying it expects to significantly reduce both its fiscal 2023 net revenue and Adjusted EBITDA guidance by more than $400 million each. TSN missed on earnings and revenue estimates.

Market breadth reflects a slight negative bias driving today's trade. Decliners lead advancers by an 11-to-10 margin at the NYSE and a 5-to-3 margin at the Nasdaq. 

Notably, the CBOE Volatility Index is sharply higher, up 3.6% or 0.62 to 17.81.