Stock Market Update

[BRIEFING.COM] Buyers have backed away with Treasury yields hitting new highs for the day. Accordingly, the major indices are trolling their worst levels of the day amid a lack of leadership.

The negative bias is pronounced in market internals. Decliners lead advancers by an 8-to-1 margin at the NYSE and by a better than 4-to-1 margin at the Nasdaq.

Mega-cap stocks had been offering support to the broader market earlier, but bids have fallen by the wayside in the afternoon trade. The Vanguard Mega-Cap Growth ETF (MGK), up 0.4% shortly before the 20-yr bond auction results at 1:00 p.m. ET, is now down 1.8%.

The small-cap Russell 2000 (-2.8%), though, is the biggest loser, as economic growth concerns have increased along with the jump in market rates that some fear have further to run, given projections that passage of the reconciliation bill will add trillions to the budget deficit over the 10-year horizon.