Market Update

A lack of leadership and an absence of trading catalysts have left the broad market to spend the session chopping along with a modest loss.

Although up from session lows, Financials have been a steady drag on overall action. The sector was contending with a loss on the order of 1% when it set its session low about an hour ago, but it has managed to trim that to a 0.6% loss. Banks, both diversified and regional, have weighed the most on the space.

Energy stocks have also hampered action. The sector’s 0.7% loss comes in conjunction with lower oil prices, which have been in the red all session and were most recently quoted with a 1.1% loss at $106.25 per barrel.

Defensive in nature and without any meaningful market weight, Utilities have been performing well all session. The sector currently sports a 1.0% gain with help from the likes of American Electric (AEP 38.68, +0.47) and Exelon (EXC 39.79, +0.88). Although not quite as strong, Telecom plays are performing well with a 0.5% gain.

The dollar has been contending with moderate selling for most of the session. It is currently down 0.2%. That makes for a lackluster follow-up to a 0.8% weekly gain. The greenback gained 1.3% the preceding week.

Treasuries have traded with modest strength today, but the benchmark 10-year Note has moved closer to the flat line with the imminent release of results from an auction of 10-year Notes.

There hasn’t been a single dose of economic data released today, but the latest monthly Treasury Budget will be posted at 2:00 PM ET.

Market update