Stock Market Update

[BRIEFING.COM] Despite a steady decline in breadth figures and sector strength, the S&P 500 (+0.4%), Nasdaq Composite (+0.8%), and DJIA (+0.1%) have not changed much since their initial moves this morning. 

Advancers outpaced decliners by a nearly 2-to-1 ratio this morning but now hold a slim 5-to-4 advantage on the NYSE and an even thinner 6-to-5 edge on the Nasdaq.

The consumer discretionary sector (+0.8%) has seen a nearly 2.0% early gain halved, as Tesla (TSLA 406.26, +10.32, +2.61%) now trades well off its morning highs. 

Additionally, homebuilder stocks are exhibiting notable weakness ahead of Wednesday's FOMC meeting, possibly experiencing an early "sell-the-news" reaction as a rate cut is fully anticipated.

Since the beginning of July, shares of D.R. Horton (DHI 171.45, -6.42, -3.61%) have rallied by 27%, while Lennar (LEN 133.07, -4.20, -3.06%) has gained 19%, Toll Brothers (TOL 141.04, -2.43, -1.69%) has jumped by 24%, and KB Home (KBH 64.84, -1.04, -1.59%) has rallied by 22%.

With today's losses, the iShares U.S. Home Construction ETF is down 1.6%.