Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%) and Nasdaq Composite (+1.3%) are higher, bolstered by gains in the mega cap space and pleasing inflation data in the form of the February Consumer Price Index (CPI) at 8:30 ET.

The Vanguard Mega Cap Growth ETF (MGK) is 1.5% higher and the S&P 500 sectors that house mega cap constituents are leading the market. The information technology sector trades 1.9% higher and the consumer discretionary sector is up 0.9%.

The defensive-oriented consumer staples (-0.9%), health care (-0.8%), and utilities (-0.4%) sectors show the largest declines.

Treasury yields are higher following the CPI report after solid gains of late on the basis of growth concerns. The 10-yr yield is up three basis points to 4.30%.