Stock Market Update

[BRIEFING.COM] The major averages are defending their slim early gains after the S&P 500 (+0.2%) and Nasdaq (+0.2%) set fresh record highs at the start of today's session.

While the broader market trades higher, only four sectors are taking part in the early advance with financials (+0.6%), technology (+0.4%), health care (+0.4%), and communication services (+0.4%) on the rise while utilities (-0.5%) and the consumer discretionary sector (-0.6%) are the weakest performers so far today.

The consumer discretionary sector has narrowed its Q2 gain to 11.7% with Nike (NKE 70.92, -1.12, -1.55%) slipping back below its 200-day moving average (71.69) after Friday's big rally to a three-month high while top components Amazon (AMZN 221.31, -1.99, -0.89%) and Tesla (TSLA 320.13, -3.50, -1.08%) are also among the early laggards with the former reversing from a level not seen since late February while the latter is slipping toward the confluence of its 50-day (312.87) and 200-day (313.29) moving averages after JPMorgan said that the company faced a continuation of weak demand in Q2.