Stock Market Update

28-Sep-26 10:00 ET
Mega-caps under pressure as oil and yields rise
Dow -327.36 at 51501.17, Nasdaq -142.31 at 26947.45, S&P -36.31 at 7707.20

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.6%), and DJIA (-0.5%) are lower just after the open, pressured by broad weakness as oil prices and Treasury yields move higher and relative weakness across mega-cap stocks.

Eight S&P 500 sectors trade lower, with the communication services (-1.3%) and consumer discretionary (-1.3%) sectors facing the widest losses as their largest components trade lower. Meta Platforms (META 720.75, -30.91, -4.11%) is conceding a chunk of last week's double-digit gain, while Tesla (TSLA 363.00, -9.11, -2.45%) is also a laggard.

NVIDIA (NVDA 232.21, +7.14, +3.17%) is an exception to the trend and is among the best-performing S&P 500 components after releasing software that helps stop rogue AI agents and announcing a $150 billion boost to its share buyback program. The gain helps soften losses in the information technology sector (-0.2%), even as the PHLX Semiconductor Index (-1.2%) and the iShares Expanded Tech-Software ETF (-1.5%) both face relatively sharp retreats.

Elsewhere, the energy sector (+0.7%) is the early standout as crude prices rise this morning, while the real estate (+0.4%) and consumer staples (+0.2%) sectors also hold modest gains.

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