Stock Market Update

[BRIEFING.COM] The major averages hover near their early lows after their higher start was met with immediate resistance. That said, the early selling pressure has been countered with some dip buying, which is leaving the market not far from yesterday's closing levels.

All but two sectors trade in the red, but consumer staples (-1.0%) and consumer discretionary (-0.6%) are the only two sectors with losses wider than 0.4%. Distillers/beverage names are largely responsible for the early weakness in staple stocks after Brown-Forman (BF.B 28.13, -5.07, -15.3%) reported disappointing results for Q4 and noted that it expects a challenging environment in FY26.

In the consumer discretionary sector, heavyweight Tesla (TSLA 318.94, -13.11, -4.0%) is an early laggard, deepening last week's pullback from levels not seen since early February with its 200-day moving average (304.88) looming below.