Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.8%), Nasdaq Composite (-1.2%), and DJIA (-0.5%) are lower just before midday as rising Treasury yields pressure the market's largest components.

Semiconductor stocks are extending yesterday's weakness, though the PHLX Semiconductor Index (-1.6%) is well off its session lows. The broader information technology sector (-1.1%) has also recovered somewhat, supported by relative strength in software names.

The consumer discretionary sector (-2.1%) and communication services sector (-1.6%) remain near their worst levels amid continued weakness across mega-cap stocks, with the Vanguard Mega Cap Growth ETF down 1.1%.

Unlike yesterday's session, the broader market is not offsetting those losses at the index level, though the S&P 500 Equal Weighted Index (-0.5%) is still outperforming the market-weighted S&P 500 (-0.8%).

While oil prices are lower today amid quieter geopolitical headlines, Treasury yields continue to rise, pressuring rate-sensitive areas of the market. The 2-year note yield is up four basis points to 4.13%, while the 10-year note yield is up four basis points to 4.67%.

The Russell 2000 (-1.5%) and S&P Mid Cap 400 (-1.0%) are underperforming as a result.