Stock Market Update

[BRIEFING.COM] The stock market opened lower. The S&P 500 sports a 0.5% decline and the Dow Jones Industrial Average trades 0.1% lower. The Nasdaq Composite has underperformed slightly, trading 0.8% lower due to weakness in mega caps and semiconductor-related shares.

NVIDIA (NVDA 144.52, -2.48, -1.7%) is among the influential losers ahead of its earnings report this afternoon. Microsoft (MSFT 413.75, -3.96, -1.0%), Amazon.com (AMZN 201.06, -3.53, -1.7%), and Alphabet (GOOG 177.02, -2.58, -1.5%) are trading down at least 1.0%.

Retailers are also weak compared to the broader equity market after disappointing guidance from Target (TGT 122.90, -31.93, -20.6%). This loss has contributed to the performance of the S&P 500 consumer staples sector (-0.8%). The consumer discretionary sector is the worst performer thus far, weighed down by its mega cap constituents and an earnings-related decline in TJX (TJX 117.92, -1.64, -1.4%).

The 10-yr yield is six basis points higher at 4.42% and the 2-yr yield is three basis points higher at 4.30%.