S&P Testing 50-day

1:21 p.m. ET S&P-500 is down -1.15% in early afternoon action and testing its 50-day sma. The equal weight S&P index is down about half that at -0.6%, illustrating the negative effect a higher 10-year yield (+7bp) is having on growth (-1.65%) and mega-cap stocks (MGK -21.8%). Dow Transports (+0.3%), however, have peaked into the…