Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.1%) and Nasdaq Composite (-2.0%) opened to solid losses, weighed down mega caps and chipmakers. Microsoft (MSFT 411.21, -21.16, -4.9%) and Meta Platforms (META 576.14, -15.76, -2.6%) are losing standouts after reporting earnings, which has acted as a limiting factor for other growth stocks.

The Vanguard Mega Cap Growth ETF (MGK) shows a 2.1% decline and the PHLX Semiconductor Index (SOX) trades 3.9% lower. Losses in other stocks have not been as pronounced thus far. The equal-weighted S&P 500 trades 0.5% lower.

The weakness in mega caps and semiconductor stocks has the S&P 500 information technology sector buried in last place among the 11 sectors, showing a 2.9% loss. The energy sector leads the pack, up 1.2% amid rising oil prices. WTI crude oil futures are 1.2% higher at $69.52/bbl.

Rising market rates have kept the equity market in check. The 10-yr yield is up six basis points to 4.33%.