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The stock market held up okay at the index level. The S&P 500 (-0.1%) slowly moved off its opening low through the session, ultimately settling near its intraday high. The Nasdaq Composite closed 0.2% higher and the Dow Jones Industrial Average settled little changed from yesterday.

Mega caps provided integral support for index performance today. Microsoft (MSFT 427.51, +8.73, +2.1%) and Meta Platforms (META 582.01, +6.85, +1.2%) were standouts from the space. Many stocks declined, however, in a continuation of the consolidation trade that began yesterday.

Market breadth favored decliners by a 3-to-2 margin at the NYSE and by a 4-to-3 margin at the Nasdaq. The equal-weighted S&P closed 0.5% lower and six S&P 500 sectors declined. The industrial sector was the worst performer, dropping 1.2%. The consumer staples sector logged the largest gain, increasing 0.9%.

Rising market rates contributed to the downside bias in equities. The 10-yr yield settled another two basis points higher at 4.20%. This is 13 basis points higher than Friday's settlement. The 2-yr yield settled one basis point higher today, and nine basis points higher this week, at 4.04%.

Earnings news since yesterday's close garnered mostly negative responses despite some better-than-expected results from blue chip names. Dow components Verizon (VZ 41.50, -2.20, -5.0%) and 3M (MMM 131.73, -3.11, -2.3%) were standouts in that respect, along with GE Aerospace (GE 176.66, -17.57, -9.1%) and Lockheed Martin (LMT 576.98, -37.63, -6.1%). General Motors (GM 53.73, +4.80, +9.8%) went against the grain, closing sharply higher after above-consensus earnings and guidance.

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here was no US economic data of note today. Wednesday's calendar features: