Stock Market Update

[BRIEFING.COM] The stock market opened to solid declines at the index level, again. There's been some improvement in the major indices, but broad selling still has the indices showing sharp losses. The S&P 500 (-1.9%), which briefly entered bear market territory at the open, have moved off its worst level of the morning.

All 11 S&P 500 sectors trade down by at least 1.0%. The real estate (-3.4%) and health care (-2.9%) sectors are the worst performers while the communication services (-0.8%) and energy (-2.0%) sectors show the slimmest losses.

Headlines over the weekend did not provide the market any relief after the 10% baseline tariffs on global imports officially took effect with larger country-specific tariffs going into effect on Wednesday with limited exemptions. President Trump said there will be no deal on tariffs unless trade deficits move to “break even” or surplus.

The 10-yr yield has moved back above 4.00% to 4.07%, which hasn't translated into support for equities.