Stock Market Update

[BRIEFING.COM] The stock market opened to mostly negative action. The market-cap weighted S&P 500 and the equal-weighted S&P 500 trade down 0.2% and 0.1%, respectively. 

The major indices are all showing solid gains this week, though, despite the early downside bias. This price action has contributed to a sense that stocks are due for some consolidation.

A short time ago, the S&P Global US Manufacturing PMI increased to 51.7 in the preliminary June reading (from 51.3) and the S&P Global US Services PMI jumped to 55.1 in the preliminary June reading (from 54.8).

Existing home sales totaled 4.11 million in May (Briefing.com consensus 4.10 million) following a total of 4.14 million in April. 

The Leading Indicators Index dropped 0.5% in May (Briefing.com consensus -0.3%) following a 0.6% decline in April.