Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-1.2%), and DJIA (-0.2%) are retreating this morning following a slate of economic data and earnings reports. 

The November PPI (0.2%; Briefing.com consensus 0.2%) and Core PPI (0.0%; Briefing.com consensus 0.2%) both increased on a year-over-year basis to 3.0% from 2.8% and 2.9%, respectively, which further cemented the market's expectation that it will have to wait several months for the next potential rate cut. While the report was largely in line with expectations, the fact that it did not pleasantly surprise and the fact that the market is at record-high levels combined for a pullback in equities this morning. 

Growth stocks have been the hardest hit, with particular weakness in the market's largest names sending the Vanguard Mega Cap Growth ETF 1.7% lower. All of the magnificent seven names hold losses, putting pressure on the information technology (-1.8%), consumer discretionary (-1.5%), and communication services (-0.9%) sectors.

The financials sector (-0.5%) also trades lower, facing pressure in its major banking names after a mixed batch of earnings reports this morning. 

Elsewhere, the market is mostly higher, with relatively solid breadth figures. Advancers outpace decliners by a roughly 3-to-2 margin on the NYSE, while breadth is nearly even on the Nasdaq. As a result, the S&P 500 Equal Weighted Index is down just a modest 0.1%.

Outside of the S&P 500, the Russell 2000 (-0.1%) and S&P Mid Cap 400 (-0.2%) are little changed.