Stock Market Update

[BRIEFING.COM] The major averages have dipped from their early highs with the Nasdaq (+0.4%) finding some resistance about 0.3% below its record from early February while the S&P 500 (+0.1%) marked a session high 0.6% below its all-time record.

The Nasdaq has been at the forefront of the rally off April lows, so it would not be too surprising if the tech-heavy index hit a fresh record before the S&P 500, unless of course, the entire market sees some pressure in the near term.

Two sectors started the day in the green and that remains the case at this juncture. Technology (+1.1%) and communication services (+1.0%) trade in positive territory while the remaining nine groups are lower with the consumer discretionary sector (-0.9%) showing the widest loss.

Treasuries have widened their early losses with the 10-yr yield up four basis points at 4.33%.