Stock Market Update

[BRIEFING.COM] The stock market started the first session of June with losses in the major averages, paced by relative weakness in the Dow (-0.8%) while the S&P 500 (-0.7%) is slightly ahead.

The early weakness is owed to losses in eight out of eleven sectors with real estate (-1.4%), industrials (-1.2%), financials (-1.0%), and the consumer discretionary sector (-1.1%) leading the early selling while energy (+0.8%), technology (+0.2%), and materials (+0.2%) are among the early pockets of strength.

Treasuries have spent early action in a sideways range with the 10-yr yield up two basis points at 4.44%.

In economic news, the S&P Global U.S. Manufacturing PMI for May was revised down to 52.0 from 52.3 in the preliminary reading, but it was up from April's final reading of 50.2.

Just released, the ISM Manufacturing Index for May hit 48.5% (Briefing.com consensus 49.0%) while Construction Spending fell 0.4% in April (Briefing.com consensus 0.1%).