Stock Market Update

[BRIEFING.COM] Today's trade features a negative bias. Decliners lead advancers by a 9-to-2 margin at the NYSE and by a 4-to-1 margin at the Nasdaq. Rising rates remain top of mind for participants after the 10-yr yield reached 4.70% earlier. Technical levels are also in play after the S&P 500 dropped below its 50-day moving average (5,952) yesterday. 

Losses in the three major indices have been muted so far, though, thanks to gains in the mega cap space. The Vanguard Mega Cap Growth ETF (MGK) shows a 0.4% gain. 

Mega cap leadership has the S&P 500 information technology (+0.3%) and consumer discretionary (+0.4%) sectors trading higher. The remaining nine sectors sport declines ranging from 0.2% (materials) to 1.0% (utilities).

Wholesale inventories dropped 0.2% in November (Briefing.com consensus -0.2%) after a flat reading in October (revised from +0.2%).