Stock Market Update

[BRIEFING.COM] The major indices sport losses ranging from 0.3% to 0.6%. The selling interest follows Friday's rally in response to the strong jobs report for September. Decliners lead advancers by a roughly 5-to-2 margin at the NYSE and at the Nasdaq.

23 of the 30 Dow components are lower and nine of the 11 S&P 500 sectors trade below prior closing levels. The consumer discretionary sector (-1.3%) shows the largest decline so far, weighed down by losses in Amazon.com (AMZN 181.43, -5.05, -2.7%) and Tesla (TSLA 246.63, -3.39, -1.4%). AMZN shares were downgraded to Equal Weight from Overweight at Wells Fargo.

Apple (AAPL 225.42, -1.37, -0.6%) is another influential loser after a downgrade to Hold from Buy at Jefferies. Shares are also responding to news that the company is slowly moving away from an annual upgrade schedule for some products, according to Bloomberg. 

Broad selling in equities also follows a sharp rise in Treasury yields of late. The 10-yr yield sits at 4.02% and the 2-yr yield is at 3.99%.