Stock Market Update

[BRIEFING.COM] The stock market opened with a negative bias. The Dow Jones Industrial Average shows a 1.2% decline, down nearly 500 points from yesterday. The S&P 500 and Nasdaq Composite are 1.4% and 1.6% lower, respectively.

The market is resuming the selling trend it has been in of late following yesterday's rally. Decliners have a 7-to-2 lead over advancers at the NYSE and 3-to-1 lead at the Nasdaq.

Just about everything is coming along for the downside ride. All 11 S&P 500 sectors are in the red and eight of them trade more than 1.0% lower. The real estate (-2.3%) and consumer discretionary (-2.1%) sectors are the worst performers by a decent margin. Technology (-1.5%) and financials (-1.4%) are also influential laggards.

Separately, wholesale inventories increased 0.8% in January (Briefing.com consensus 0.7%).