Stock Market Update

[BRIEFING.COM] The major averages hover near their best levels of the day with the Nasdaq (+0.5%) maintaining its lead over the S&P 500 (+0.3%).

The market started the week with strong support from the technology sector (+0.4%), but the top-weighted group has given back more than half of its initial gain. However, the dip from highs in the technology sector has come alongside gains in other groups, which has kept the major averages in positive territory.

Investors received just one economic report today—April Wholesale Inventories (0.2%; Briefing.com consensus 0.4%)—and tomorrow's session will also see just one release. However, Wednesday will bring the May CPI report (Briefing.com consensus 0.2%; prior 0.2%), which is sure to receive increased attention as the market tries to guess the timing of the next rate cut from the FOMC.