Stock Market Update

[BRIEFING.COM] Though the S&P 500 (-0.3%) and Nasdaq Composite (-0.3%) reached new record intraday highs early in today's session, there will need to be a substantial late-day push for the indices to have any chance of eclipsing yesterday's closing highs. 

Stocks have spent the majority of today's trade in a retreat from session highs this morning, with only the real estate (+1.6%), utilities (+0.8%), energy (+0.7%), and consumer staples (+0.5%) sectors able to maintain positions in positive territory. 

The real estate and utilities sectors have benefitted from a drop in treasury yields today, with yields on 10s and 30s on track for their lowest settlement since early July, thanks in part to a push to fresh highs after the U.S. Treasury sold $44 billion in 7-year notes to strong demand.

The 2-year note yield is down five basis points to 3.88%, and the 10-year note yield is down nine basis points to 4.33%.