Stock Market Update

[BRIEFING.COM] The major averages remain in the red, but they are staying above their early lows for the time being. The S&P 500 (-0.8%) is on course to surrender 2.8% for the week.

Ten sectors remain in the red while the utilities sector (+0.1%) has turned positive after underperforming yesterday.

The market has not been influenced by any data this week, but next week will see the release of a few noteworthy reports after Monday's Memorial Day closure. The Consumer Confidence Index for May (prior 86.0) will be released on Tuesday at 10:00 ET, followed by the second estimate of Q1 GDP (prior -0.3%) on Thursday, and the Personal Income/Outlays report for April on Friday, which will include the Fed's preferred inflation gauge, the Core PCE Index.