Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-0.4%), and DJIA (-1.1%) are modestly improved from opening lows shortly after the open as stocks face another broad-based retreat. With the opening move, the S&P 500 now sits below its 50-day moving average (6,704). 

All eleven S&P 500 sectors trade in negative territory, with losses across the market's largest names inflicting the heaviest losses on the consumer discretionary (-1.1%) and communication services (-0.9%) sectors, while weakness across major banking names seats the financials sector (-1.0%) with a similar loss. 

Meanwhile, the information technology sector (-0.2%) is working its way back to its flatline. Micron (MU 250.39, +13.44, +5.67%) is up after being named a top pick by Morgan Stanley, and NVIDIA (NVDA 187.03, +0.17, +0.09%) has managed to surface above its flatline as well. 

The PHLX Semiconductor Index (-0.2%) is down just modestly.