Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%) and Nasdaq Composite (-0.4%) quickly nabbed all-time highs just after the open today before moving lower amid an increasingly broad-based retreat. 

The DJIA (-0.5%) and Russell 2000 (-0.5%) hold comparable losses, while the S&P Mid Cap 400 (-0.8%) lags. 

Sector strength has deteriorated throughout the session, with only the consumer staples (+0.3%) sector currently holding a modest gain. 

The sector is supported by strong leadership from Costco (COST 941.70, +26.90, +2.94%), which trades higher after reporting adjusted comparable sales growth of 6.0% for the month of September. 

An EPS beat and accelerated revenue growth from PepsiCo (PEP 142.81, +3.97, +2.86%) add to the positive sentiment, while the defensive nature of the sector bodes well for a session that has seen most mega-cap and growth-oriented names retreat. 

The Vanguard Mega Cap Growth ETF is down 0.5% today, with weakness in the market's largest names contributing to losses in the consumer discretionary (-1.0%) and communication services (-0.4%) sectors. 

The consumer discretionary sector also sees pressure across its homebuilder names, which continue to stumble after facing criticism from President Trump and FHFA Director Bill Pulte on social media this week. The iShares U.S. Home Construction ETF is down 2.8% today and 7.6% for the week. 

Meanwhile, the information technology sector (-0.3%) faces a more modest loss, as continued momentum in NVIDIA (NVDA 193.51, +4.40, +2.33%) and Oracle (ORCL 297.96, +9.33, +3.23%) keeps the sector near its flatline despite a majority of names trading lower. 

The industrials sector (-1.1%) also sees nearly all of its components trade lower, though Delta Air Lines (DAL 59.69, +2.57, +4.50%) posts a nice gain after beating EPS and revenue expectations, sending United Airlines (UAL 100.42, +2.34, +2.38%) higher as well.

Outside of a handful of earnings reports, the market has had relatively few developments cross the wires today. The weekly jobless claims report was not released due to the ongoing government shutdown, and commentary from Fed officials did not offer any new perspectives, leaving rate cut expectations little changed from yesterday.