Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.6%) hovers just above its session low that was notched during the initial 30 minutes of today's trade. With the early weakness, the benchmark index is now down 1.0% for the week, on course to surrender 2.5% for the month.

All eleven sectors trade in the red at this juncture with the consumer discretionary sector (-3.2%) pacing the weakness amid concerns about consumer spending. Accordingly, Norwegian Cruise Line (NCLH 15.69, -1.69, -9.7%) is the weakest performer in the sector after the cruise operator missed Q1 EPS expectations and issued below-consensus EPS guidance for Q2. Heavyweights Tesla (TSLA 276.14, -15.89, -5.4%) and Amazon (AMZN 180.52, -6.87, -3.7%) are also playing a significant part in the sector's underperformance.

Treasuries have dipped from their post-GDP lows with the 10-yr note now down just slightly for the day and its yield up one basis point at 4.18%.