10-yr yield rebounds modestly
The S&P 500 has slipped just below its flat line. Relative weakness is coming from the health care (-0.9%), real estate (-0.9%), communication services (-0.3%), and consumer staples (-0.2%) sectors. Within the communication services sector, Alphabet (GOOG 2502.15, -19.45, -0.8%) and Facebook (FB 239.08, -3.38, -1.0%) have dragged on the sector, as an uptick in long-term interest rates takes some steam out of the growth stocks. GOOG set an all-time high at the open. The 10-yr yield is up one basis point to 1.47% after touching 1.43% overnight. The iShares S&P 500 Growth ETF (IVW 69.86, -0.05, -0.1%) is down 0.1%.