Stock Market Update

[BRIEFING.COM] The stock market opened to muted action in the major indices. There's not a lot of conviction on the part of buyers or sellers following a big run of late. The S&P 500 is still holding onto a slim gain this year. 

Mega caps and chipmakers have a performance edge over other areas in the market. The Vanguard Mega Cap Growth ETF (MGK) trades 0.5% higher and the PHLX Semiconductor Index (SOX) shows a 0.2% gain.

Only three S&P 500 sectors are higher -- technology (+0.5%), communication services (+0.4%), and consumer discretionary (+0.3%) -- while the rate-sensitive utilities (-1.3%) and real estate (-0.7%) sectors show some of the largest declines after the 10-yr yield hit 4.50% yesterday. It sits at 4.49% now.