Stock Market Update

[BRIEFING.COM] The stock market opened to broad-based losses that seat the S&P 500 (-0.9%), Nasdaq Composite (-1.0%), and DJIA (-0.8%) with similar losses in the early going. 

All eleven S&P 500 sectors trade with early losses, with six sectors facing losses wider than 1.0%. The information technology (-1.1%) sector led the early retreat, though the sector has improved by 0.9 percentage points from its opening lows. NVIDIA (NVDA 172.04, -2.14, -1.23%) has seen its losses narrowed, though weakness in chipmaker names still has the PHLX Semiconductor down 1.6%.

Currently, the financials (-1.2%) and industrials (-1.2%) sectors face the widest losses. 

The final reading for the S&P Global U.S. Manufacturing PMI registered at 53.0, from a prior level of 53.3.

The July ISM Manufacturing Index checked in at 48.7% for August (Briefing.com consensus: 48.6%), up modestly from the 48.0% reading for July.

Total construction spending decreased 0.1% month-over-month in July (Briefing.com consensus: 0.2%) following a 0.4% decline in June.