Stock Market Update

[BRIEFING.COM] The stock market opened lower, reflecting ongoing consolidation efforts amid rising market rates. The S&P 500 shows a 0.3% decline and the Dow Jones Industrial Average trades 0.4% lower. 

Broad based selling has 24 of the 30 Dow components lower and eight of the 11 S&P 500 sectors showing losses. The industrial (-1.4%), materials (-1.2%), and financial (-0.8%) sectors are the worst performers while the consumer staples sector (+0.6%) leads the pack.

Relative weakness in semiconductor shares has impacted the broader market. The PHLX Semiconductor Index (SOX) shows a 0.8% decline. 

The 10-yr yield is at 4.18% and the 2-yr yield is at 4.02%.

There is no US economic data of note today.