Stock Market Update

[BRIEFING.COM] The major indices have drifted lower since Commerce Secretary Lutnick said the tariff rate for China (55%) won't be changing; however, they all continue to hold a posture in positive territory and continue to sport modest gains.

There isn't a single S&P 500 sector up or down more than 0.4%, so there isn't a lot of conviction on the buy side or the sell side so far, outside of some individual stocks.

Lockheed Martin (LMT 452.12, -24.78, -5.20%) is the biggest loser on the S&P 500 following a Bloomberg report that the Pentagon has cut its request for F-35s by 50%. Starbucks (SBUX 94.38, +2.94, +3.22%), meanwhile, is the biggest gainer on the S&P 500 following some supportive commentary out of RBC Capital Markets and an FT report that the company has received a lot of interest in its China unit stake.