Stock Market Update

[BRIEFING.COM] Stocks are mostly lower just before midday, pressured by rising Treasury yields after yesterday's retreat in rates helped fuel broad gains across equities. The S&P 500 (-0.1%) and DJIA (-0.4%) are modestly lower, while the Nasdaq Composite (unch) remains on its flatline as gains in semiconductor stocks help offset broader weakness.

Meanwhile, the underperformance of the Russell 2000 (-0.8%) suggests some weakness in rate-sensitive pockets of the market. Though crude oil is little changed for the day, Treasury yields have crept higher and erased most of yesterday's progress, with the 10-year note yield up five basis points to 5.00%.

Nine S&P 500 sectors trade lower, with the rate-sensitive utilities sector (-1.1%) among the most prominent laggards. The materials sector (-1.3%) holds the widest loss, with Steel Dynamics (STLD 234.00, -11.35, -4.63%) and Nucor (NUE 249.80, -15.34, -5.79%) moving sharply lower after issuing disappointing guidance.

Elsewhere, the energy sector (+0.3%) recently moved to the top of the sector leaderboard, while the information technology sector remains little changed as a 1.3% gain in the PHLX Semiconductor Index helps offset weakness elsewhere.