Stock Market Update

[BRIEFING.COM] The indices have seen a small bounce but remain in negative territory with a consolidation mindset and a more defensive orientation.

The utilities sector (+0.3%) is today's best-performing sector, followed by consumer staples (+0.1%) and health care (+0.1%). The biggest drags are the information technology (-0.9%), communication services (-0.9%), and energy (-0.9%) sectors.

There hasn't been any U.S. economic data of note to influence today's trade, and there won't be much tomorrow either. The lone release is the MBA Mortgage Applications Index (prior 1.1%).

Separately, there is going to be a $16 billion 20-yr note auction with results at 1:00 p.m. ET. With market participants mindful of the recent Moody's downgrade of the U.S. credit rating and festering uncertainty about a reconciliation bill that could add trillions to the budget deficit, there will be some added interest in this auction, and all auctions, going forward.