Stock Market Update

[BRIEFING.COM] The stock market opened mostly lower after yesterday's fresh record high for the S&P 500. The S&P 500 is down 0.1% and the Nasdaq Composite is 0.4% lower, reflecting mild weakness in some mega cap names.

The Vanguard Mega Cap Growth ETF (MGK) trades 0.3% lower. Also, the S&P 500 information technology (-0.6%) and consumer discretionary (-0.4%) sectors, which house mega cap constituents, show the largest declines. 

Losses are fairly limited, though, reflecting ongoing consolidation activity rather than strong conviction to sell. The Invesco S&P 500 Equal Weight ETF (RSP) trades 0.1% lower.

Treasury yields are slightly higher, providing an excuse to engage in consolidation trading. The 10-yr yield is up five basis points to 4.65%.