Stock Market Update

[BRIEFING.COM] The major averages have dipped to lows with the S&P 500 now down 0.3% amid losses in ten out of eleven sectors. The modest loss at the index level is masking some relative weakness in small cap and mid cap names that has the Russell 2000 and S&P Midcap 400 trading down 0.6% and 0.7%, respectively.

The energy sector (-0.8%) is the worst performer at this time with all but three components trading in the red. The weakness comes even as crude oil rises $0.85, or 1.4%, to $61.74/bbl, reclaiming its loss from yesterday.

The energy sector has been one of the worst performers in May and with today's loss it has trimmed its May advance to just 0.8% versus a 6.1% month-to-date gain in the S&P 500.