Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%) remains trapped just below its flat line after backpedaling from its opening high, which was a new record for the benchmark index.

There is still no concerted sector leadership as all but four sectors trade within 0.2% of their respective unchanged levels. The lightly-weighted utilities sector (+1.4%) has held the lead since the start, benefitting from broad-based strength among its 31 components, while communication services (-0.5%) and energy (-0.7%) are the biggest laggards.

The energy sector underperforms even though crude oil is up a solid 1.2%, at $67.00/bbl. Chevron (CVX 150.27, -1.11, -0.73%) is contributing to the group's underperformance, reversing from its best level since early April after the company announced the completion of its acquisition of Hess.