Broad-based weakness, but growth stocks off lows
The S&P 500 is struggling with a 1.3% decline, although there are some efforts to buy the big dip in growth stocks. The Nasdaq Composite is down just 0.6% after being down 2.2% shortly after the open, while the Dow Jones Industrial Average underperforms with a 1.7% decline. Growth extended their decisively negative momentum at the open, but traders and investors presumably viewed the weak open as a good entry point. The ARK Innovation ETF (ARKK 105.11, +1.14, +1.1%), which is viewed as a proxy for high-growth story stocks and a gauge on retail sentiment, is currently up 1% after opening lower by nearly 5% (and 38% off its record high).  Likewise, the information technology (-0.8%), communication services (-0.9%), and consumer discretionary (-1.5%) sectors, which contain the mega-cap stocks, are trading off their intraday lows. The Vanguard Mega Cap Growth ETF (MGK 212.89, -1.75) is currently down 0.8% after being down 1.9% intraday. Growth stocks are still generally lower, but this time it's the cyclical stocks that are lagging after racing ahead this month amid continued rotational factors. The energy (-2.7%), industrials (-2.0%), and financials (-1.9%) sectors are down well over 1.5%. No sector is trading higher right now. The negative bias hasn't been catalyzed by any specific news, suggesting that the negative price action in the major indices has contributed to profit-taking interest in cyclical names. In addition, there remains uncertainty if growth stocks can sustain their modest rebound bid or if more selling is ahead. For what it's worth, the S&P 500 is currently trading 2.2% above its 50-day moving average (4046). Separately, inflation expectations continue to linger, evidenced by the uptick in longer-dated Treasury yields, which tends to have a negative impact on high-multiple stocks. The 10-yr yield is currently up two basis points to 1.62% after dipping below 1.50% last week. Reviewing today's economic data:Job openings increased to 8.123 million in March from a revised 7.526 million in February (from 7.367 million).The NFIB Small Business Optimism Index for April increased to 99.8 from 98.2 in March.