Stock Market Update

[BRIEFING.COM] The major indices continue to trade near their flat lines. The S&P 500 trades less than ten points lower than Friday.

The energy sector continues to show strength, trading 1.5% higher amid rising oil prices ($71.19/bbl, +1.70, +2.4%). The upside action in oil prices follows an announcement by OPEC to extend the 2.2 mbd voluntary adjustments until the end of December 2024. The price action also reflects some geopolitical tension after Iran threatened a strong and complex attack against Israel, according to The Wall Street Journal.

The rate-sensitive real estate sector also outperforms the broader equity market, responding to the drop in market rates. The 10-yr yield sits at 4.30%.