Stock Market Update

[BRIEFING.COM] The major averages are off of their ession lows at midday in what has been a relatively choppy session so far. 

Only a small batch of companies reported earnings beofore the open today, with Paychex (PAYX 123.96, -4.57, -3.56%) hitting a new 52-week low after beating EPS expectations by a modest $0.02. 

The in-line print and modest EPS upside weren't enough to lift sentiment, as organic growth and PEO trends remain muted. Paycor continues to drive most of the top-line momentum, but investors are looking for steadier improvement in legacy businesses. Management's upbeat macro outlook and early cross-sell success are positives, yet execution on organic acceleration will be key to regaining investor confidence.

NIKE (NKE 69.08, -0.47, -0.68%) trades lower ahead of its own earnings report, contributing to the consumer discretionary sector's 1.3% loss.