July 3, Market update

The market ended an abbreviated Tuesday session on a disappointing note, falling victim to a late tech-led sell off. The S&P 500 ended lower by 0.5%, closing near its worst mark of the day and dropping about six points below its 50-day moving average. The Dow (-0.5%) and the Nasdaq (-0.9%) also slid, but the small-cap Russell 2000 added 0.3%.

Stocks opened Tuesday's session mostly higher, but the underperformance of the top-weighted technology (-1.4%) and financials (-1.1%) sectors -- which represent around 40% of the broader market combined -- kept the major averages in check. 
Eventually those two sectors -- in addition to other cyclical groups like consumer discretionary (-0.6%), industrials (-0.4%), and materials (-0.3%) -- broke into a full-fledged retreat, overpowering gains from most countercyclical groups. Telecom services was the top-performing sector with a gain of 1.2%.
Shanghai Composite Index Closes Up 0.25% at 2786, after sliding 2.2% on Monday.


Source: Briefing.com 

Graph: Google Finance