Stock Market Update

[BRIEFING.COM] The 10-yr note yield briefly ventured above 4.25% earlier before meeting with some resistance. It has since pulled back to 4.23%, yet that hasn't provided much aid for stocks, which are probing session lows.

Today's losses are "top heavy," which is to say the biggest stocks are accounting for the bulk of today's weakness. We can see this in several ways:

• The market cap-weighted S&P 500 is down 0.8% while the equal-weighted S&P 500 is down 0.4%
• The Dow Jones Industrial Average is down 0.9%
• The Nasdaq 100 is down 1.1%
• The Vanguard Mega-Cap Growth ETF (MGK) is down 1.2%

Not that the small-cap and mid-cap stocks are acting great; they just aren't acting quite as bad. The Russell 2000 is down 0.8% and the S&P Midcap 400 is down 0.5%.

Market breadth continues to be skewed heavily in favor of declining stocks, which are outnumbering advancing stocks today by a 3-to-1 margin at the NYSE and by a nearly 3-to-1 margin at the Nasdaq.