Stock Market Update

[BRIEFING.COM] Stocks opened mostly lower due to consolidation activity after this week's record closing levels. Buying activity in some mega cap stocks has provided some offsetting support, but the overall vibe in the market is negative. The equal-weighted S&P 500 is down 1.0% and the A-D line favors decliners by a 4-to-1 margin at the NYSE and by a 3-to-1 margin at the Nasdaq.

Nine of the 11 S&P 500 sectors are lower with losses ranging from 0.6% (consumer staples) to 1.8% (industrials). The only sectors trading higher are communication services (+0.3%) and information technology (+0.3%) thanks to gains in some mega cap components. 

Treasury yields are little changed from yesterday. The 10-yr note yield is unchanged at 4.20% and the 2-yr note yield is down one basis point to 4.68%.

The University of Michigan Consumer Sentiment survey dropped to 65.6 in the preliminary June reading (Briefing.com consensus 73.0) from 69.1 in May.