Stock Market Update

[BRIEFING.COM] The stock market is back in sell-mode after Friday's reprieve. The three major indices are in a steady decline, trading at or near session lows. The S&P 500 is below its 200-day moving average (5,734) after breaking support there a few times last week, but maintaining a posture above that key technical level on a closing basis so far.

Growth concerns are still top of mind for participants after President Trump said in a weekend interview that the economy is going through a "period of transition" and declined to answer directly if the U.S. will experience a recession. 

Relative weakness in the mega cap and semiconductor spaces has an outsized impact on index losses today. Tesla (TSLA 231.06, -31.60, -12.0%) is building on recent declines after Bloomberg reported sales are struggling in China and after UBS lowered its price target to $225 from $259.

Microsoft (MSFT 381.10, -12.21, -3.1%), which dropped to a fresh 52-week low, Apple (AAPL 225.50, -13.57, -5.7%), and NVIDIA (NVDA 107.40, -5.27, -4.6%) are also influential laggards in today's tape. 

The declines in the aforementioned names have contributed to declines in their respective S&P 500 sectors. The technology sector is the worst performer by a decent margin, down 4.4% from yesterday.

Treasuries are moving up, sending yields lower in a safe-haven bid. The 10-yr yield is down ten basis points to 4.23% and the 2-yr yield is down eight basis points to 3.92%.

There is no US economic data of note.