Stock Market Update

[BRIEFING.COM] The 10-yr note yield made a second pass at clearing 4.25% on an upside swing following the disappointing 20-yr bond reopening at 1:00 p.m. ET, but for the second time it was met with resistance. The 10-yr note yield currently sits at 4.24%.

Stocks, meanwhile, fell to new session lows on that renewed run to 4.25%, yet they have found some rebound interest of late that has helped cut into today's losses that had the Dow Jones industrial Average down more than 500 points.

Strikingly, the real estate (+1.0%) and utilities (+0.7%) sectors continue to be winning standouts in more of a defensive-minded trade that is resonating with the 8.3% increase in the CBOE Volatility index to 19.72.

The jump in rates has fostered some consolidation activity that it cutting across most corners of the market. Leading laggards today include the mega-cap stocks and the small-cap stocks. The Vanguard Mega-Cap growth ETF (MGK) is down 1.8% and the Russell 2000 is down 1.2%.