Stock Market Update

[BRIEFING.COM] Things are little changed at the index level over the last half hour.

The performance of S&P 500 sectors reflects a general lack of conviction driving today's trade. Five sectors trade down while six trade higher. The energy (+1.0%), information technology (+0.3%), financials (+0.2%), and real estate (+0.2%) sectors lead the outperformers while the utilities (-0.6%), communication services (-0.5%), and consumer discretionary (-0.5%) sectors show the largest declines. 

Moves in either direction are modest, except for energy, which is benefitting from the jump in commodity prices. WTI crude oil futures are back above $80.00/bbl, trading up 1.0% to $80.52/bbl. Natural gas futures are up 3.2% to $2.88/mmbtu.

A short time ago, Richmond Fed President Barkin (2024 FOMC voter) said he needs to see more progress on inflation moving sustainably toward the Fed's 2% target before cutting rates, according to Barron's.