Markets: News  

Today's trade has a negative disposition. Mega caps are having an outsized influence on index performance, but many stocks are trading down. The major indices all trade near their lows of the day with decent losses. The market-cap weighted S&P 500 is down 0.8% and the Vanguard Mega Cap Growth ETF (MGK) is down 0.9%.Rising market rates and oil prices are contributing to the negative bias ahead of Wednesday's FOMC announcement, which will also feature an update Summary of Economic Projections and dot plot. The continuous contract for WTI crude futures is up 0.6% to $91.08/bbl. The 2-yr note yield is up six basis points to 5.10% and the 10-yr note yield is up two basis points to 4.33%.The weakness in stocks today is consistent with ongoing consolidation efforts that have been helped along by the jump in rates and oil. Losses are broad and orderly. 27 of the 30 Dow components trade down and all 11 S&P 500 sectors are in the red. The consumer discretionary (-1.2%), energy (-1.2%), and industrials (-1.1%) sectors are the only sectors down more than 1.0%.One stock standing out on a day of declines is Instacart (CART 39.33, +9.27, +30.9%), which priced its IPO at $30/share last night and opened for trading at $42.Today's economic data was limited to housing starts, which hit their lowest level in August (1.283 million) since June 2020, and building permits -- a leading indicator -- which were up 6.9% month-over-month to a stronger-than-expected 1.543 million with permits for single units up 2.0%.