Stock Market Update

[BRIEFING.COM] The stock market opened to gains in major indices after last week's losses. The upside bias is driven by seasonality with the second half of December usually being a good period for the stock market, along with buy-the-dip interest. 

Mega cap names have an outsized impact on index gains thus far. The Vanguard Mega Cap Growth ETF (MGK) shows a 0.4% gain and S&P 500 sectors that house mega cap names are leading the index. The communication services (+0.7%), consumer discretionary (+0.6%), and information technology (+0.3%) sectors are among the top performers.

The only sector trading lower is energy amid falling oil prices. WTI crude oil futures are down 0.6% to $70.88/bbl. 

A slight decline in market rates has also contributed to the overall positive bias. The 10-yr yield is down two basis points to 4.38%.