Market Gains Rapidly Evaporating

It appears as if the U.S. stock market is not quite as heartened by the news of the Spanish bank bailout as some observers originally expected. On Monday, heavy selling at the open of trade is leading to the rapid evaporation of pre-market gains. At last check, S&P 500 futures had began the trading day by moving straight down, falling from around the 1,330 level to 1,323 in short order. The Dow Jones Industrial Average was trading up around 47 points, while the S&P and Nasdaq had added 0.34% and 0.22%, respectively. All of the major averages are off of their best levels of the day which occurred at the opening of trade. Nevertheless, all of the major market sectors are still in positive territory, with utilities, energy, and conglomerates leading the way while consumer discretionary and financials are the laggards.