Stock Market Update

[BRIEFING.COM] The stock market has enjoyed a relief trade that carried the indices to session highs and oil prices to session lows. In brief, the relief factor is that Iran's response was fairly weak in military terms.

Reports have suggested that they gave officials advance warning the attack was coming to minimize casualties, that Qatar's air defense system successfully intercepted the missiles, and that there were no deaths or injuries associated with the attempted attack on the U.S. base in Qatar.

According to CNN, President Trump does not want more military action in the region. That view could be subject to change, but it is sitting well with the market that there might not be any more escalation of the conflict.

WTI crude futures, which flirted with $77.00/bbl overnight, are down 7.4% to $68.36/bbl, a move that has undercut the energy sector (-2.5%). Meanwhile, just about everything else found a renewed bid that has propped up the indices.