Stock Market Update

[BRIEFING.COM] The stock market opened lower, pressured by losses in mega cap names and mixed action in Treasuries. The S&P 500 trades 1.0% lower than yesterday and the Nasdaq Composite shows a 1.7% decline.

NVIDIA (NVDA 135.78, -4.18, -3.0%), Apple (AAPL 256.02, -3.00, -1.2%), Microsoft (MSFT 429.15, -9.04, -2.1%), and other mega caps show outsized declines with no specific catalyst. The Vanguard Mega Cap Growth ETF (MGK) trades 2.0% lower.

This price action has led the information technology sector to trade 2.2% lower. The consumer discretionary (-2.1%) and communication services (-1.8%) sectors, which also house mega cap components, have underperformed thus far.

The 10-yr yield is up two basis points to 4.60% and the 2-yr yield is unchanged at 4.33%.