Stock Market Update

[BRIEFING.COM] The major averages continue to trade in a relatively tight range, with none of the indices straying too far from their baselines.

Defensive sectors are under pressure today, with the consumer staples (-1.5%) and utilities (-1.5%) sectors occupying the bottom spots on today's leaderboard. Conagra (CAG 14.34, -0.84, -5.57%) is a notable laggard after announcing that CEO Sean Connolly will step down on May 31, 2026, with John Brase set to take over as President and CEO effective June 1. Peers such as General Mills (GIS 34.30, -1.28, -3.61%) and Kraft Heinz (KHC 22.26, -0.80, -3.49%) are also underperforming. 

The health care sector (-0.7%) is also lower today.

Revolution Medicines (RVMD 133.32, +36.88, +38.25%) is surging to all-time highs after announcing that daraxonrasib delivered an unprecedented overall survival benefit in the pivotal Phase 3 RASolute 302 trial in patients with metastatic pancreatic cancer, marking a potentially practice-changing breakthrough in one of the most difficult-to-treat cancers. However, the stock is not a component of the S&P 500.