Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (flat) are mostly lower shortly after the open, though the losses are modest in comparison to recent gains.

After a rally to fresh record highs last week and an uptick in geopolitical uncertainty over the weekend, mega-cap and tech stocks, which paced the recent gains, have taken a step back this morning. The communication services (-0.7%) and consumer discretionary (-0.8%) sectors are the early laggards, and the Vanguard Mega Cap Growth ETF is down 0.2%.

However, the top-weighted information technology sector (+0.1%) has reclaimed its flatline amid another strong start across software names.

The health care sector (-0.4%) is also lower as its largest component, Eli Lilly (LLY 922.99, -4.04, -0.44%) takes a step back after headlines that the company will acquire Kelonia Therapeutics for up to $7.0 billion in cash.

Meanwhile, the rest of the market trades modestly higher, with broad strength in the financials sector (+0.5%) and the energy sector (+0.7%) moving higher amid a bounce in oil prices.