Open: Dow -83.51 at 33217.02, Nasdaq +4.23 at 12289.15, S&P -6.58 at 4118.77
Many mega cap stocks are trading down, weighing on the broader market. At the same time, Meta Platforms (META 236.10, +2.30, +1.0%), which was upgraded to Buy from Hold at Loop Capital, has offered some support. The Vanguard Mega Cap Growth ETF (MGK) shows a 0.2% decline while the Invesco S&P 500 Equal Weight ETF (RSP) trades flat.
S&P 500 sector performance suggests some risk-on activity in the market.
The defensive-oriented utilities (-1.5%) and consumer staples (-0.6%) sectors sport the largest declines while the countercyclical materials sector (+0.2%) leads the outperformers.
The financials sector (+0.3%) is another top performer as regional banks rebound. The SPDR S&P Regional Bank ETF (KRE) is up 2.0% and the SPDR S&P Bank ETF (KBE) is up 1.9%.