Stock Market Update

[BRIEFING.COM] The stock market opened to losses at the index level. The S&P 500 (-0.8%) and Nasdaq Composite (-1.1%) are in a steady decline thus far. 

Downside moves are related to consolidation efforts after another record high for the S&P 500 yesterday. There's also an element of hesitation as participants wait to see if the buy-the-dip trade that has worked in recent sessions will prevail again today.

Just about everything is coming along for the downside ride. The equal-weighted S&P 500 shows a 0.6% decline and nine of the 11 S&P 500 sectors are lower. Four sectors trade more than 1.0% lower including consumer discretionary (-1.6%) and financials (-1.0%).

The Leading Economic Indicators Index dropped 0.3% in January (Briefing.com consensus 0.0%). Treasury yields were already lower in front of the release. The 10-yr yield is down four basis points at 4.50%.