Stock Market Update

[BRIEFING.COM] The stock market opened lower at the index level on renewed selling interest after Friday's rally. The Dow Jones Industrial Average is 0.8% lower; the S&P 500 trades 1.7% lower; and the Nasdaq Composite is 2.6% lower than Friday.

The added pressure in the S&P 500 and Nasdaq Composite is due in part to outsized declines in mega caps and chipmakers. The PHLX Semiconductor Index (SOX) shows a 3.1% loss and the Vanguard Mega Cap Growth ETF (MGK) sports a 3.0% decline. 

Like recent weeks, selling pressure is driven by ongoing concerns about growth. Comments by President Trump over the weekend piled onto the market's fears after he said the US economy is going through a "period of transition" and he declined to answer if the economy will experience a recession.

Treasury yields are also lower, reflecting safe-haven buying on fears about growth. The 10-yr yield is down nine basis points to 4.23% and the 2-yr yield is down seven basis points to 3.93%.