Stock Market Update

[BRIEFING.COM] The stock market trades lower today, reflecting ongoing consolidation efforts amid rising market rates. The 10-yr yield is up three basis points from yesterday and 14 basis points from Friday's settlement at 4.21%. The 2-yr yield is up two basis points from yesterday at 4.05%. 

The market-cap weighted S&P 500 sports a 0.2% decline and the equal-weighted S&P 500 trades 0.5% lower. Losses are fairly limited, but widespread through the market. Decliners lead advancers by a greater than 3-to-2 margin at the NYSE and at the Nasdaq. 

Earnings results from blue chip companies have garnered mixed responses despite mostly better-than-expected results. Dow components Verizon (VZ 41.93, -1.76, -4.0%) and 3M (MMM 133.00, -1.75, -1.3%) are standouts in that respect, along with General Motors (GM 53.39, +4.48, +9.2%) and Lockheed Martin (LMT 578.09, -36.51, -5.9%).

Downside moves at the index level are limited somewhat by gains in mega cap names. Microsoft (MSFT 427.45, +8.68, +2.1%), Meta Platforms (META 578.61, +3.45, +0.6%), Amazon.com (AMZN 189.87, +0.80, +0.4%), and Alphabet (GOOG 166.15, +0.35, +0.2%) are influential winners in the space.

Gains in some of the aforementioned names have contributed to the move higher in the S&P 500 communication services sector (+0.1%). The industrial sector is the worst performer, down 1.1% from yesterday. 

There was no US economic data of note today. Wednesday's calendar features:

• 7:00 a.m. ET: Weekly MBA Mortgage Applications Index
• 10:00 a.m. ET: September Existing Home Sales 
• 10:30 a.m. ET: EIA Crude Oil Inventories 
• 2:00 p.m. ET: October Beige Book