Stock Market Update

[BRIEFING.COM] The stock market opened to mostly positive action. Market breadth favors advancers by a greater than 3-to-2 margin at both the NYSE and at the Nasdaq. Gains in many mega cap names has provided support to the broader market.

The Vanguard Mega Cap Growth ETF (MGK) shows a 0.3% gain.

Meanwhile, losses in the semiconductor space after Micron's (MU 135.82, -6.53, -4.6%) earnings report have acted as a limiting factor. NVIDIA (NVDA 124.94, -1.44, -1.1%) trades down in sympathy. The PHLX Semiconductor Index (SOX) is down 0.3%. 

S&P 500 sector performance has been mixed. Five sectors trade lower and six sectors trade up. None of them are moving more than 0.7% in either direction.

Pending home sales dropped 2.1% in May (Briefing.com consensus +2.3%) following a 7.7% decline in April. 

Treasury yields are lower, but that hasn't translated into support for stocks. The 10-yr note yield sits at 4.28% and the 2-yr note yield sits at 4.70% now.