Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.0%) has reached a fresh session low with ten sectors holding losses while energy (+1.5%) remains comfortably in the green.

For the time being, the market has not drawn any solace from the just-released preliminary reading of the University of Michigan's Consumer Sentiment Index for June, which jumped to 60.5 from May's final reading of 52.2. In the same period a year ago, the index stood at 68.2.

The key takeaway from the report is that the June survey showed overall improvement in current sentiment and the expectations index, underscored by a sizable drop in year-ahead inflation expectations. Furthermore, there was an improvement in expected business conditions for the short and the long term.

The drop in inflation expectations has not stopped Treasuries from slipping to fresh lows in recent action with the 10-yr yield now up five basis points at 4.41%.