Stock Market Update

[BRIEFING.COM] Nine S&P 500 sectors display early losses, with the index sporting a loss of 0.4%.

The materials sector (-1.1%) is near the bottom of the leaderboard, facing some profit taking in names that are coming off multi-week/multi-month highs. The sector is still up 2.9% for the month versus a 0.9% month-to-date gain in the S&P 500.

There is weak leadership from providers of building materials and chemical names.

Shares of Albemarle (ALB 71.30, -2.97, -4.0%) are falling from their best level since late March after UBS downgraded the stock to Sell from Neutral with a $57 target.

Dow (DOW 29.40, -0.82, -2.3%) has fallen from its best level since mid-June back to its 50-day moving average (28.96).

Freeport-McMoRan (FCX 46.20, -1.00, -2.1%) captured its best closing level since early November after the announcement of a 50% tariff on copper but has since fallen after UBS downgraded the stock to Neutral from Buy with a $57 target.