Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%) trades above its session low that was reached in immediate reaction to today's batch of data, which included a deeper-than-expected contraction in the manufacturing sector in May (48.5%; Briefing.com consensus 49.0%) and an unexpected drop in April Construction Spending (-0.4%; Briefing.com consensus 0.1%).

Despite the post-data dip, the market has shown some signs of resilience, returning to levels seen shortly after today's opening bell. The energy sector (+0.7%) is the leading performer in the early going after a poor showing in May.

The sector is rallying behind crude oil, which is up $1.87, or 3.1%, at $62.66/bbl with its 50-day moving average (62.99) looming above after OPEC+ announced a better-than-feared 411,000 barrel per day production increase for July.