Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.2%), and DJIA (-0.7%) are moving lower just before midday amid a subdued session that has kept the major averages relatively close to their unchanged levels throughout the morning.

Breadth has deteriorated after advancers and decliners were nearly even for much of the morning. Decliners now outpace advancers by roughly 2-to-1 on the NYSE and a roughly 3-to-2 ratio on the Nasdaq.

As a result, only two S&P 500 sectors remain in positive territory, though a modestgain in the top-weighted information technology sector (+0.2%) softens losses at the index level. Semiconductor stocks are rebounding from a lower finish yesterday, with the PHLX Semiconductor Index up 1.6%

The utilities sector (+0.2%) is the only other S&P 500 sector that moves higher, supported by steady Treasury yields amid a modest pullback in oil prices today.

Meanwhile, other defensive pockets of the market, including the health care (-1.2%) and consumer staples (-1.1%) sectors are among today's worst performers after outperforming yesterday, with Walmart (WMT 105.92, -2.81, -2.58%) a significant drag on the DJIA.