[BRIEFING.COM] Stocks have struggled to extend their recent advance. As such, they are back in negative territory.

For the second straight session, utilities are in the worst shape of any major sector. Yesterday they lost 1.6%, but this session they are down another 0.7%. Despite such weakness of late, the sector is on pace for a monthly gain of almost 7%. The S&P 500 is on pace for a similar monthly gain.

[BRIEFING.COM] The stock market has worked its way into positive territory to trade with a fractional gain. It had been down more than 1% shortly after the open.

The ascent has been steady and broad based. In turn, seven of the 10 major sectors are now in higher ground. Losses are presently limited to the energy (-0.2%), tech (-0.4%), and utilities (-0.5%) sectors.

Volatility has cooled as a result of the stock market's climb. As such, the Volatility Index is now up just 0.2% after it had been up nearly 9% one hour ago.

[BRIEFING.COM] The final Consumer Sentiment Survey for July came in at 67.8, which is slightly better than the 67.5 that many had expected following the preliminary reading of 66.5. The stronger-than-expected improvement has helped stocks continue to work their way upward.

Though the tone of trade has improved, stocks continue to contend with broad losses. As a result of such weakness, the Volatility Index is up nearly 9%.

Weakness among stocks and a rise in volatility has helped win support for Treasuries. In turn, the benchmark 10-year Note is up 15 ticks. Meanwhile, the 30-year Bond has spiked more than 50 ticks. Their yields stand at 2.93% and 3.99%, respectively.

[BRIEFING.COM] Stocks have made a modest bounce up from their opening lows, but weakness remains widespread with all 10 major sectors still in the red.

Weakness is currently most pronounced among tech stocks, which are down 1.1% at the moment. Such weakness has undercut the tech-rich Nasdaq.

Just released, the Chicago PMI came in at 62.3, which is better than the 56.3 that had been widely expected.

Coming up at 9:55 AM ET is the final Consumer Sentiment Survey for July from University of Michigan.

[BRIEFING.COM] The stock market fell from an opening gain to a loss of more than 1% before it came clawing back. However, resistance at the neutral line kept the move from extending into positive territory, so stocks settled with modest losses.

Stocks were up broadly in the first few minutes of the session. The positive tone came as the euro hit a new two-month high and Europe’s major bourses advanced amid data that suggested eurozone economic confidence was stronger-than-expected in July. Though the euro remained strong and finished with a 0.6% gain, the continent’s primary bourses retreated into the red.

Europe’s markets weakened as the U.S. averages began to descend. The slide wasn’t caused by any particular catalyst, but it gained momentum as sellers started to turn against tech stocks. Tech stocks settled with a 0.9% loss as participants reacted negatively to the latest earnings and forecasts from Akamai (AKAM 38.35, -5.68) and NVIDIA (NVDA 9.13, -1.00).

Consumer staples were stomped for a 1.1% loss in response to disappointing reports from Colgate-Palmolive (CL 78.12, -5.74) and Kellogg (K 47.98, -3.54). A downgrade of CVS (CVS 30.90, -0.64) further hampered the consumer staples space.

Financials helped lead an afternoon rebound attempt. Life and health insurers (+2.0%) attracted considerable support amid better-than-expected earnings from Lincoln National (LNC 25.76, +1.67). The financial sector finished with a 0.3% gain – it was the only sector to settle in higher ground.

The inability of the broader market to follow the financial sector into positive territory resulted from resistance at the neutral line, which was just above the 1105 line for the S&P 500.

Despite such resistance, health care stocks held on to close flat. Express Scripts (ESRX 44.66, +2.46), which exceeded earnings expectations for the latest quarter, was a primary source of strength. Genzyme (GENZ 69.79, +1.80) provided additional support amid ongoing speculation about its takeover.

Energy stocks settled just below the neutral line. Several members of the sector were out with their latest results, including Dow component Exxon Mobil (XOM 60.34, -0.57), National Oilwell Varco (NOV 38.88, +1.55), and Noble Energy (NE 32.03, -0.08). Each reported an upside earnings surprise. In contrast, Pride International (PDE 23.38, -1.22) came short of the consensus earnings estimate.

Today’s data was limited to news that initial jobless claims for the week ended July 24 came in at 457,000, which is below the expected total of 464,000. Continuing claims hit 4.57 million, which is up from the 4.48 million continuing claims that had been registered for the previous week.

Treasuries saw mixed interest. Disappointing results from an auction of 7-year Notes did nothing to stimulate demand. The auction drew a bid-to-cover of 2.9 and dollar demand of $80.6 billion, which is the lowest amount in nearly one year.

Advancing Sectors: Financials (+0.3%)
Declining Sectors: Utilities (-1.6%), Consumer Staples (-1.1%), Tech (-0.9%), Consumer Discretionary (-0.6%), Telecom (-0.5%), Industrials (-0.2%), Energy (-0.1%)
Unchanged: Health Care, Materials