Market Update – Cyclical Leadership, Mega-Caps Tiring

11:46 a.m. ET Added to yesterday’s surprise decline in CPI, PPI’s surprise decline this morning has lent more credibility to the idea of peak inflation. Mega-caps (+0.15%) are underperforming the equal weight S&P (+0.9%) and weighing down the cap-weighted benchmark index as well as NASDAQ-100. Still, buying is broad-based with all 11 S&P sectors holding…