Stock Market Update

[BRIEFING.COM] It has been a trend-down day thus far, driven by the general lack of buying interest in the growth stocks space. This is part and parcel a continuation of the valuation-based selling that took place on Tuesday following Palantir's report. It is also simply some profit-taking activity after a blazing run by the stock market from its April lows.

It isn't all bad today, however. The energy (+1.1%), materials (+0.2%), and utilities (+0.1%) sectors are higher, and only two sectors—consumer discretionary (-2.8%) and information technology (-2.0%)--are down more than 1.0%.

Losses for the other six sectors trading lower range from 0.03% to 0.8%.

The main overhang for the market is that its weightiest stocks are weaklings today. Apple (AAPL 270.96, +0.82, +0.30%) is a notable exception.