Stock Market Update

[BRIEFING.COM] The stock market opened on a downbeat note. Many stocks are participating in a broad retreat, leading the major indices to show losses ranging from 0.7% to 1.3%. 

Selling interest stems from normal consolidation activity after solid gains in equities. Mega cap stocks and semiconductor shares, which have outperformed the rest of the market this year, show sizable decliners today. The PHLX Semiconductor Index (SOX) trades 3.9% lower and the Vanguard Mega Cap Growth ETF (MGK) trades 1.0% lower.

Only one S&P 500 sector trades higher -- consumer staples -- while the energy (-3.0%), materials (-2.2%), and information technology (-2.0%) sectors show the largest declines.

The ISM Manufacturing Index rose to 47.2% in August (Briefing.com consensus 47.5%) from 46.8%) in July. 

Construction spending was down 0.3% in July (Briefing.com consensus 0.2%) following a 0.3% decline in June.

Earlier, the S&P Global US Manufacturing PMI fell to 47.9 in the final August reading from 48.0.