Stock Market Update

[BRIEFING.COM] Today's trade features a negative bias. Declining issues lead advancing issues by a 9-to-2 margin at the NYSE and by a 5-to-2 margin at the Nasdaq. The major indices are in a steady decline, trading at or near session lows. 

The Russell 2000, which is still 6% higher than last Tuesday's close before the election results, has underperformed its peers thus far with a 1.6% decline. The Dow Jones Industrial Average sports a 0.8% loss, the S&P 500 trades 0.6% lower, and the Nasdaq Composite shows a 0.7% decline. 

Selling interest is related to profit-taking after huge gains in the wake of the election. Rising market rates have also contributed to the downside bias. The 2-yr yield is up ten basis points to 4.35% and the 10-yr yield is up 12 basis points to 4.43%.

All 11 of the S&P 500 sectors are lower with the materials (-1.8%), utilities (-1.4%), and consumer discretionary (-1.4%) sectors showing the biggest declines.

Some mega caps have traded higher after sliding yesterday, providing some offsetting support to the broader equity market. NVIDIA (NVDA 146.83, +1.56, +1.1%), Microsoft (MSFT 420.28, +2.27, +0.5%), and Meta Platforms (META 583.28, +0.11, +0.02%) are standouts from the mega cap space.

Tesla (TSLA 328.05, -20.97, -6.0%) is left out of the mega cap rebound after surging in recent sessions.

Today's economic data was limited to the NFIB Small Business Optimism survey, which rose to 93.7 in October from 91.5 in September. Wednesday's calendar features the October Consumer Price Index and core-Consumer Price Index at 8:30 ET.