Stock Market Update

[BRIEFING.COM] The major indices are respecting some relatively narrow trading ranges today in a session that has been mixed with neither buyers nor sellers showing much conviction at the index level.

Outsized moves have been reserved for individual stocks, whereas the indices have been stymied by valuation concerns and/or suggestions that they are overbought on a short-term basis and due for a consolidation period.

Notably, of the 11 S&P 500 sectors, eight are down for the week and six -- energy (-4.5%), utilities (-4.0%), materials (-3.0%), real estate (-2.9%), industrials (-2.4%), and health care (-2.1%) -- are down more than 2.0%. That point notwithstanding, the market cap-weighted S&P 500 is up 0.9% for the week, riding the strength of its mega-cap components.

The latter have representation in the consumer discretionary, communication services, and information technology sectors, which are up 5.1%, 3.9%, and 3.4%, respectively, for the week.

Just in, the October Consumer Credit report showed consumer credit expanding by $19.2 billion (Briefing.com consensus $10.5 billion) following a downwardly revised $3.2 billion (from $6.0 billion) in September.