Stock Market Update

[BRIEFING.COM] The market cap-weighted S&P 500 is little changed today thanks in large part to the relative strength seen within the mega-cap space. Specifically, NVIDIA (NVDA 153.64, +5.74, +3.88%), Apple (AAPL 201.14, +0.84, +0.42%), and Microsoft (MSFT 490.77, +0.66, +0.13%) are carrying that torch.

Their influence is evident, as the S&P 500 trades down just fractionally with an advance-decline line that favors decliners by a better than 2-to-1 margin at the NYSE and a nearly 7-to-4 margin at the Nasdaq. Conversely, the equal-weighted S&P 500 is down 0.6%.

Seeing some general profit-taking activity after a big run, including among the banks, despite the Fed confirming a proposal to modify the enhanced supplementary leverage ratio buffer standard applicable to GSIBs to equal 50 percent of the bank holding company's method surcharge as determined by the Board's GSIB risk-based capital surcharge framework. The SPDR S&P Bank ETF (KBE 54.62, -0.24, -0.45%) is modestly lower.

Treasuries, though, have liked that development. The 2-yr note yield, at 3.81% earlier, is at 3.78% now, while the 10-yr note yield, at 4.33% earlier, is at 4.29% now.