Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.2%) continues holding a portion of its opening loss while the Nasdaq has approached its unchanged level.

Most sectors continue trading in the red, but the lightly-weighted materials sector (+0.4%) has helped the S&P 500 rise off its early low with steelmakers Nucor (NUE 120.43, +11.07, +10.1%) and Steel Dynamics (STLD 135.66, +12.59, +10.2%) up sharply in reaction to the imminent doubling of the tariff on steel imports, but the rest of the sector is not doing nearly as well. Most remaining group members trade in the red with providers of building materials like Vulcan Materials (VMC 261.82, -3.25, -1.2%) showing losses after the Construction Spending report for April (-0.4%; Briefing.com consensus 0.1%) showed an unexpected drop in activity

Treasuries have trimmed their loses with the 10-yr yield now up just one basis point at 4.42% while the 2-yr yield is flat at 3.91%.