Stock Market Update

[BRIEFING.COM] There is an overall negative bias in early trading driven by consolidation efforts and a lack of conviction after a solid run for the major indices recently. Ongoing buying activity in some mega cap names has provided a measure of support to the broader market, but that hasn't offset broad selling elsewhere. 

NVIDIA (NVDA 126.98, +0.92, +0.8%) and Apple (AAPL 211.74, +2.65, +1.3%), two of the three stocks with a market cap above $3 trillion, are influential winners so far, along with Amazon.com (AMZN 187.47, +1.14, +0.6%) and Broadcom (AVGO 1612.13, +32.06, +2.0%).

Other semiconductor-related shares continue their recent outperformance. The PHLX Semiconductor Index (SOX) sports a 0.5% gain.

Selling activity in the "rest" of the market has been relatively modest. The Invesco S&P 500 Equal Weight ETF (RSP) is trading down 0.5%.

Rising market rates are also contributing to the underlying downside bias. The 10-yr note yield is up six basis points to 4.30% and the 2-yr note yield is unchanged at 4.73%.