The stock market began on a downbeat note today as investors sift through a slew of earnings announcements. Mega cap stocks are dragging index performance, with the Vanguard Mega Cap Growth ETF (MGK) falling 0.6% compared to a 0.4% drop in the S&P 500.
Several S&P 500 sectors are trading lower, with communication services (-1.2%), information technology (-0.9%), consumer discretionary (-0.6%), and materials (-0.7%) sectors experiencing significant declines. This mirrors the weak performance in the mega cap space. However, utilities (+0.6%) and health care (+0.1%) sectors are bucking the trend.
Elevated Treasury yields continue to pressure equities, with the 2-year note yield rising by five basis points to 4.25% and the 10-year note yield increasing by four basis points to 3.61%.
