Stock Market Update

[BRIEFING.COM] The major indices trade near their best levels of the session as mega caps continue to move up. Still, many names remain below prior closing levels. 

Discretionary-related stocks are seeing increased selling pressure today in the wake of the CPI data, which could translate to less discretionary spending for consumers if inflation continues to move up.

Homebuilders and retailers are especially weak, dotting the bottom of the standings in the discretionary sector (-0.1%). The SPDR S&P Homebuilder ETF (XHB) trades 2.1% lower and the SPDR S&P Retailer ETF (XRT) trades 0.8% lower.

Lennar (LEN 120.55, -4.36, -3.5%), PulteGroup (PHM 104.62, -2.71, -2.5%), Best Buy (BBY 86.35, -1.66, -1.9%), and Home Depot (HD 407.87, -8.43, -2.0%) are standouts from the spaces.