Stock Market Update

[BRIEFING.COM] The major indices opened lower after last week's record highs. Consolidation activity is driving downside move, which has been catalyzed by rising market rates. The 10-yr note yield is up eight basis points to 4.29% and the 2-yr note yield is up five basis points to 4.75%.

Declining issues lead advancing issues by a  2-to-1 margin at the NYSE and at the Nasdaq. 

The heavily-weighted S&P 500 information technology sector is trading 0.2% higher, limiting downside moves for the index. The S&P 500 is down fractionally while the equal-weighted S&P 500 shows a 0.3% decline.

The real estate sector (-1.1%) shows the largest decline among the 11 sectors, clipped by rising rates. The utilities sector (-1.0%), which is also rate-sensitive, is the next worst performer.