Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.5%), and DJIA (-0.6%) are retreating from their record-high levels this morning as tech names face some profit-taking after their recent run.

The information technology sector (-1.4%) is one of just three S&P 500 sectors that trades lower, currently holding the widest loss. Software names are under pressure again today, with the iShares GS Software ETF down 3.9%. Palo Alto Networks (PANW 279.31, -17.87, -6.01%) lags despite topping earnings estimates.

Meanwhile, the PHLX Semiconductor Index (+0.4%) is up modestly. NVIDIA (NVDA 216.95, -5.87, -2.63%) is a mega-cap laggard amid a weak day for many of the market's largest names, with the Vanguard Mega Cap Growth ETF down 0.7%.

Elsewhere, the financials sector (-0.8%) is also under pressure, with particular weakness across asset managers, while the defensive utilities (+1.2%) and consumer staples (+1.2%) sectors are outperforming.

On the data front, the final May S&P Global Services PMI came in at 50.7, down from the prior reading of 50.9.

Factory orders increased 4.8% month-over-month in April (Briefing.com consensus: 3.5%) following an upwardly revised 1.8% increase (from 1.5%) in March.

The ISM Services PMI expanded to 54.5% in May (Briefing.com consensus: 53.6%) from 53.6% in April.