Reply To: Traders Market Weekly: Bears Squeezed in Bonds, Stocks and Currencies

#47219
Truman
Participant

The stock market opened on a mixed note.

Index performance is weighed down by a sizable loss in Apple (AAPL 135.83. -2.58. -1.8%) after the company warned of lower-than-expected iPhone 14 shipments because of production issues in China.

Other mega cap stocks are suffering losses and limiting surface level performance. The Vanguard Mega Cap Growth ETF (MGK) is down 0.3% while the S&P 500 floats around the unchanged mark.

The advance-decline line reflects a mixed market.

Decliners lead advancers by an 11-to-10 margin at the NYSE while advancers are roughly in-line with decliners at the Nasdaq.

Roughly half of the 11 S&P 500 sectors trade in positive territory. Communication services (+0.9%) sits atop the leaderboard thanks to a nice gain in Meta Platforms (META 95.35, +4.56, +5.0%) after The Wall Street Journal reported the company is planning large layoffs.

On the flip side, the consumer discretionary (-1.1%) sector is buried in last place.

Treasury yields are on the rise. The 2-yr note yield is up six basis points to 4.73% and the 10-yr note yield is up three basis points to 4.19%.