Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%) remains in the red after its initial bounce attempt quickly ran into resistance.

Ten sectors continue trading lower with the consumer discretionary sector (-0.9%) contributing to the pressure on the broader market after the release of some underwhelming earnings results. Retailer Target (TGT 94.65, -3.47, -3.5%) missed Q1 expectations and lowered its sales guidance for the year, while VF Corp (VFC 12.80, -1.63, -10.9%) beat Q4 EPS expectations on below-consensus revenue, and TJX (TJX 131.47, -3.46, -2.6%) reported a slight Q1 EPS beat coupled with below-consensus EPS guidance for Q2.

Just about every component of the discretionary sector trades lower while Best Buy (BBY 71.40, +0.25, +0.3%) is withstanding the pressure after struggling over the past week or so.