Stock Market Update

[BRIEFING.COM] The stock market opened to healthy gains across the major averages as investors bought yesterday's dip, but those gains were quickly ceded after President Trump stated in a Truth Social post that China is becoming "very hostile" and he is considering a massive tariff increase on Chinese goods. 

The S&P 500 (-1.1%), Nasdaq Composite (-1.7%), and DJIA (-0.7%) moved sharply beneath their baselines in response as a broad-based advance turned into a broad-based retreat. 

While most of the morning was spent with eight or nine S&P 500 sectors holding gains, the pullback now sees just the defensive utilities (+0.7%) and consumer staples (+0.5%) sectors remaining in positive territory. 

The market's largest names, which were building upon their opening gains, have been particularly affected by the retreat. The Vanguard Mega-Cap Growth ETF now holds a 1.6% loss. 

Meanwhile, the small-cap Russell 2000 (-1.2%) and S&P Mid Cap 400 (-1.3%) also underperform amid a decrease in risk tolerance today. 

Treasuries have caught some added flight-to-safety interest. The 10-year note yield is down nine basis points to 4.06%.