Stock Market Update

[BRIEFING.COM] The major averages climbed out of the gate, but the past 45 minutes have seen a steady retreat from highs with the S&P 500 narrowing its starting advance to just 0.1% while the Nasdaq (-0.1%) has turned negative.

The early reversal from highs has been owed to general profit taking that has sent the top-weighted technology sector (-0.3%) into negative territory. The consumer discretionary sector (-0.4%) is also now behind the broader market while energy (+0.9%), real estate (+0.7%), and consumer staples (+0.7%) outperform.

The early outperformance in energy makes for a continuation of this month's show of relative strength. The sector has gained 9.0% since the end of May and it is holding near today's high after the Supreme Court ruled 7-2 in favor of the energy industry in a case challenging California's emission laws.