S&P 500 Flat Close Masks Underlying Market Weakness

The S&P 500 finished Thursday nearly flat, but the index's performance was driven by a small group of winners while 328 member stocks declined. Technology, materials, industrials, and consumer discretionary sectors weighed on the index, while Meta (META) provided support. Rising Treasury yields, with the 30-year yield reaching its highest level since 2004, have pressured cyclical and regional banking stocks. Additionally, Oracle (Oracle) shares fell approximately 3.5% following a force majeure notice issued to Blue Owl Capital regarding a data center project.