Stock Market Update

[BRIEFING.COM] The S&P 500 remains lower by 0.3%.

The health care sector (+0.2%; -5.8% month-to-date) outperforms today, but it remains well behind the remaining ten groups on the May leaderboard largely due to this month's weakness in its fourth largest component—UnitedHealth (UNH 302.40, +4.23, +1.4%)—which has lost about 25% of its value this month, and it remains a stunning 50% below its high from early April.

Biotechnology names are weak today with Regeneron Pharmaceuticals (REGN 492.55, -112.84, -18.6%) falling to its lowest level since May 2021 after reporting mixed trial results while the SPDR S&P Biotech ETF (XBI 79.42, -1.04, -1.3%) is slipping back below its 50-day moving average (79.35).