Stock Market Update
13-May-14 11:30 ET
Small Caps Lag
Dow +18.85
at 16714.32,
Nasdaq -3.02
at 4140.84,
S&P +2.00
at 1898.65
[BRIEFING.COM] The major averages have slumped from their session highs with small caps leading the retreat. The Russell 2000 is now lower by 0.4%, while the S&P 500 has returned to its flat line. In our previous update, we mentioned that outside of health care (+0.4%) and industrials (+0.3%), the performance of the remaining sectors has been largely unremarkable.
As such, the absence of concerted sector leadership has caused participants to take some money off the table, which has resulted in the broader market slipping from its best levels of the day.
Top-weighted sectors are somewhat mixed as the discretionary sector (-0.3%) lags, while technology and financials trade little changed. Lastly, the aforementioned health care space continues outperforming, but biotech has retreated from its high. The iShares Nasdaq Biotechnology ETF (IBB 232.53, +0.61) is higher by 0.3% after being up as much as 0.9% earlier.
As such, the absence of concerted sector leadership has caused participants to take some money off the table, which has resulted in the broader market slipping from its best levels of the day.
Top-weighted sectors are somewhat mixed as the discretionary sector (-0.3%) lags, while technology and financials trade little changed. Lastly, the aforementioned health care space continues outperforming, but biotech has retreated from its high. The iShares Nasdaq Biotechnology ETF (IBB 232.53, +0.61) is higher by 0.3% after being up as much as 0.9% earlier.
