Stock Market Update

[BRIEFING.COM] The major indices have been unable to build on their opening gains and have trended lower in a gradual manner since those highs that took the S&P 500 to 6,050.

The pullback has not been associated with any strong pickup in selling interest. Rather, it has been more a case of fading buying interest. It would be remiss not to add that the major indices are all still comfortably above the unchanged mark in what has been a mostly risk-on tape.

Aside from the dip in the energy sector, the other pockets of relative weakness today can be spotted in the market's more defensive-oriented sectors, which include health care (-0.6%), utilities (-0.6%), and consumer staples (+0.1%).

Breadth figures have narrowed with the fading action, yet advancers still lead decliners by a roughly 2-to-1 margin at the NYSE and Nasdaq.