Stock Market Update

[BRIEFING.COM] The major averages now move in a sideways fashion, little changed from previous levels that seat them above their session lows, yet well beneath their opening gains. 

Seven S&P 500 sectors trade in negative territory, with the financials sector (-1.9%) among the worst performers. 

The sector faces pressure amid concerns that weak job growth signals slower growth ahead, which will weigh on loan demand.

Additionally, investors have done some profit-taking after several large components reached fresh 52-week highs.

Charles Schwab (SCHW 92.23, -5.40, -5.53%) is the weakest performer in the sector, falling past its 50-day moving average (95.05) to its lowest level since mid-July.

Elsewhere, JPMorgan Chase (JPM 295.58, -8.24, -2.71%) hit a fresh record high before returning to its 50-day moving average (292.80).