Stock Market Update
18-Aug-26 13:55 ET
High-beta stocks taking a backseat
Dow -95.87
at 53363.91,
Nasdaq -325.34
at 26340.60,
S&P -45.54
at 7699.52
[BRIEFING.COM] The 10-yr note yield, at 4.71%, has backed down from 4.74% seen earlier today. That isn't a big move, but it is fair to say that there is some equity risk aversion in it.
Stocks have struggled today, especially high-beta stocks, which have seen a momentum reversal triggered in part by rising bond yields around the globe. Japan's 10-yr note yield hit its highest level (2.954%) in more than 40 years, while Germany's 30-yr bund hit its highest level (3.779%) in 15 years.
The Invesco S&P 500 High Beta ETF (SPHB 146.76, -4.86, -3.21%) is a good proxy for the pressure high-beta stocks are feeling in today's trade; meanwhile, the relative strength of the Invesco S&P 500 Low Volatility ETF (SPLV 76.28, +0.54, +0.72%) reflects some rotational interest away from the momentum runners.
