Stock Market Update

[BRIEFING.COM] We said in our Page One column this morning that this feels like a "box of chocolates market" in that you never know what you are going to get. That has been the case so far today as the major indices have been in and out of negative territory.

The vacillation is partly a function of knowing that the trade tension with China has worsened and that bond yields have risen despite the Trump administration's declared aim of getting the 10-yr note yield down, but that a single social media post at any given time could turn the sentiment tide on both fronts.

Alas, worries about being in the market are being matched by some concern about being out of the market and potentially missing another big move.

Thus far, there has been a disparate move between mega-cap stocks and small-cap stocks. The former are exhibiting relative strength while the latter are exhibiting relative weakness. The Vanguard Mega-Cap Growth ETF (MGK) is up 0.5% versus a 1.0% decline for the Russell 2000.