Stocks Give Up Early Gains as Megacap Tech Shares Fall

Market Performance - The S&P 500 Index is down -0.05%, while the Dow Jones Industrials Index is up +0.23%, and the Nasdaq 100 Index is down -0.28% [1] - Stock indexes turned lower due to weakness in megacap technology stocks and higher bond yields, with the 10-year T-note yield climbing to a 1.5-week high of 4.19% [2] Sector Performance - Strength in chip makers, megacap technology stocks, and AI-infrastructure companies is providing support for stocks [3] - Weakness in insurance stocks is negatively impacting the overall market [2] Economic Indicators - The US December S&P manufacturing PMI remains unrevised at 51.8, aligning with expectations [3] - The Eurozone December S&P manufacturing PMI was revised downward by -0.4 to 48.4 from a previously reported 49.2 [6] Interest Rates - The 10-year T-note yield rose to a 1.5-week high of 4.191%, influenced by reduced safe-haven demand for government debt securities and rising inflation expectations [5] - The 10-year breakeven inflation rate increased to a 2.5-week high of 2.262% [5] International Markets - The Euro Stoxx 50 reached a new all-time high, up by +0.77%, providing support to US equity markets [4] - Overseas stock markets are generally higher, with China's Shanghai Composite and Japan's Nikkei Stock 225 closed for New Year's Day holidays [4]