Stock Market Update

[BRIEFING.COM] There hasn't been much recent change at the index level, which the major averages near their starting marks. With today's early loss, the S&P 500 (-0.4%) is back in the red for the week after yesterday's impressive recovery off opening lows.

The top-weighted technology sector (-0.8%) is still the main drag on the market with more than 2/3 of its components trading lower. Names like Super Micro Computer (SMCI 43.81, -0.98, -2.2%), Adobe (ADBE 416.06, -4.62, -1.1%), Microsoft (MSFT 456.06, -2.81, -0.6%), and Qualcomm (QCOM 152.73, -0.97, -0.6%) are falling from multi-week highs, serving as a gentle reminder of the ongoing profit taking interest.

Investors eager to find a potential catalyst can skip looking at the economic calendar this week, as things will remain quiet on that front in the coming days. Next week, however, will bring the second estimate of Q1 GDP (prior -0.3%) and the Personal Income/Outlays report for April, which will include the Fed's preferred inflation gauge, the Core PCE Index.