Stock Market Update

[BRIEFING.COM] The indices are pinned near their lows for the day heading into the closing stretch of trading (last 30 minutes) as the mega-cap stocks and information technology sector (-0.2%) have lost their leadership positions. It has been a steady and orderly decline since session peaks were reached around 10:15 a.m. ET. Treasury yields reversed a winning course and started heading higher just before that.

The 10-yr note yield swung from 4.26% to 4.34%. The latter is up six basis points from yesterday's settlement, leaving it up eight basis points for the week. The 10-yr note yield dropped 17 basis points in June but rose 14 basis points for the quarter.

With the pullback in the indices, market breadth has come in noticeably from better levels earlier that favored advancers by a fairly large margin. Currently, advancers and decliners are about even at the NYSE while decliners lead advancers by a slim 11-to-10 margin at the Nasdaq.