Stock Market Update

[BRIEFING.COM] The major indices are off their lows but remain in negative territory with the closing bell on the near horizon.

The consumer discretionary sector (-1.5%) has been lower throughout today's session. It had been down as much as 1.8% at its worst level of the day.

Homebuilding stocks have played a part in today's weakness, reacting to the earnings miss and relatively disappointing outlook from Lennar (LEN 105.18, -4.31, -3.94%), as well as a dour NAHB Housing Market Index for June, which dropped to 32 (Briefing.com consensus 36) from 34 in May.

PulteGroup (PHM 98.66, -3.76, -3.67%) and NVR (NVR 6997.11, -224.14, -3.10%) are other homebuilding components within the sector that are weak; however, it is Tesla (TSLA 317.40, -11.73, -3.56%) and Amazon (AMZN 215.08, -1.02, -0.47%) that are the key drags on the sector.