Stock Market Update

[BRIEFING.COM] The growth concerns that were percolating coming into today perked up even further following the 10:00 a.m. ET release of the Conference Board's Consumer Confidence Index for February. It fell to 98.3 from 105.3 in January, which was the largest monthly decline since August 2021.

This report solidified the strength that had been building in the Treasury market ahead of the release. The 2-yr note yield is down eight basis points to 4.09% and the 10-yr note yield is down 10 basis points to 4.29%.

The drop in yields has not been a source of support for equities, which are grappling with the possibility that earnings growth won't live up to higher expectations in a weaker economic climate.

The mega-cap stocks have an overriding influence on the market's behavior today. The Vanguard Mega-Cap Growth ETF (MGK) is down 1.8%; meanwhile, sectors with mega-cap components -- information technology (-1.8%), communication services (-1.9%), and consumer discretionary (-2.0%) -- are among today's biggest losers.