Stock Market Update

[BRIEFING.COM] The market has spent the first two hours of action fighting to defend its opening advance. The S&P 500 (+0.1%) remains in positive territory at this time, but most sectors trade lower with the consumer discretionary sector (-0.8%) among the laggards.

Second-largest component Tesla (TSLA 326.20, -14.27, -4.19%) has contributed to the early underperformance, deepening yesterday's reversal from its best level in nearly four weeks after May sales in Europe fell 27.9%, according to Reuters.

Other automakers are also among the laggards in the discretionary sector with General Motors (GM 48.02, -0.98, -1.99%) returning to its 50-day moving average (47.71) while Ford (F 10.54, -0.19, -1.77%) is deepening yesterday's reversal from its best level since early December.