Stock Market Update

[BRIEFING.COM] The stock market opened to solid declines. Ongoing worries about a recession have driven the selling interest. The market-cap weighted S&P 500 shows a 3.0% loss and the equal-weighted S&P 500 is down 2.2%.

The S&P 500 financial (-3.1%), communication services (-3.1%), consumer discretionary (-3.5%), and information technology (-4.8%) sectors, which comprise 62% of the index, show some of the steepest declines.

A sharp move in Treasuries led the 2/10 spread to briefly de-invert. Buying has dissipated somewhat, though. The 2-yr note yield was at 3.66% earlier, but sits at 3.84% now. The 10-yr note yield was at 3.61% earlier, but sits at 3.75% now.

Big losses in global markets have also weighed on sentiment today. Japan's Nikkei (-12.4%) plunged as the yen strengthened against the dollar. 

The ISM Non-Manufacturing Index rose to 51.4% in July (Briefing.com consensus 51.3%) from 48.8% in June. Also, the S&P Global US Services PMI fell to 55.0 in the final reading for July from 56.0.