Stock Market Update

[BRIEFING.COM] Continued selling interest pushed the S&P 500 back below 4100, which is where it continues to reside. There just hasn't been a lot of buying interest, which is understandable given the market-moving CPI report for May that awaits tomorrow.

Strikingly, there has been a modicum of relief in energy prices today, but that still hasn't spelled any relief for the Dow Jones Transportation Average. After sliding 3.8% yesterday, the transportation average is down another 0.6% today, leaving it down 15.5% for the year.

The airlines are the primary source of weakness today. The U.S. Global Jets ETF (JETS 19.23, -0.35, -1.8%) reflects that weakness and is being dragged lower by Delta (DAL 37.56, -0.66, -1.7%), United (UAL 43.31, -1.29, -2.9%), Southwest (LUV 42.61, -0.76, -1.8%), and American (AAL 15.76, -0.39, -2.4%), which are the ETF's four largest holdings, accounting for nearly 40% of assets in that ETF.