Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%) continues to hold a modest loss with uncertainty around the Israel-Iran conflict and weaker-than-expected retail sales data leading to limited conviction in the market.

The consumer discretionary sector (-0.7%) is among today's laggards after the Retail Sales report for May (-0.9%; Briefing.com consensus -0.6%) disappointed and was coupled with a downward revision to the April reading (to -0.1% from 0.1%). Tesla (TSLA 318.94, -10.19, -3.1%) is the weakest performer in the sector, making for a continuation of its recent volatility, while travel-related names like MGM Resorts (MGM 33.57, -0.73, -2.1%), Las Vegas Sands (LVS 41.92, -0.89, -2.1%), and Airbnb (ABNB 134.55, -2.68, -2.0%) also display relative weakness. Retailers, meanwhile, are holding up relatively well with the SPDR S&P Retail ETF (XRT 76.97, -0.07, -0.1%) returning to little changed after finding some support near its 200-day moving average (75.71) with top sector component Amazon (AMZN 216.59, +0.49, +0.2%) helping the industry group stay ahead of the broader market.

Homebuilders traded ahead of the group in early action, but the iShares U.S. Home Construction ETF (ITB 88.77, -1.48, -1.7%) is now down with Lennar (LEN 107.48, -2.01, -1.8%) reversing from an earlier gain as below-consensus EPS guidance for Q3, which was issued on a recent conference call, overshadows last night's report that showed below-consensus Q2 EPS coupled with a revenue beat.