Stock Market Update

[BRIEFING.COM] More time has passed, yet the mixed standing of the major indices has remained constant.

Some relative strength in a select group of mega-cap stocks has kept things "steady" for the S&P 500. The question is, will that strength persist or will it give way to consolidation interest?

The broader market is seeing some of that consolidation interest. The equal-weighted S&P 500 is down 0.3% and so is the Russell 2000.

Several auto stocks, meanwhile, are seeing more than a consolidation trade. Ford (F 10.40, -0.47, -4.3%), General Motors (GM 45.60, -2.47, -5.2%), and Rivian Automotive (RIVN 11.02, -0.82, -7.0%) are under some added pressure after being downgraded by Morgan Stanley, which cited rising competition from China and concerns about deteriorating credit quality in the U.S.

The weakness in Ford and General Motors is contributing to the underperformance of the S&P 500 consumer discretionary sector (-0.5%).