Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%) has spent the initial hour of action in a steady retreat from its opening high while the Dow (+0.1%) is almost back to its unchanged level.

The market reached fresh lows after the Pending Home Sales report for April (-6.3%; Briefing.com consensus -1.1%) missed expectations by a wide margin. Like the broader market, homebuilders have backpedaled from their starting highs, though the iShares U.S. Home Construction ETF (ITB 89.21, +0.16, +0.2%) is hanging onto a modest gain.

Treasuries remain near their highs with the 10-yr yield down three basis points at 4.45%.