Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%) gives up its early gains after a short-lived opening rally. 

Only the information technology (+0.7%) and utilities (+0.6%) hold a bulk of the market's opening gains. While losses are now relatively broad-based, they are also modest, as only the health care (-1.8%) and financials (-0.8%) sectors hold losses wider than 0.5%. 

Selling activity has picked up throughout the morning, with breadth figures nearly even on the NYSE while decliners outpace advancers by a nearly 7-to-6 margin on the Nasdaq. 

The energy sector (-0.1%) is little changed by the possibility of higher oil prices as a result of increased tariffs for countries that buy Russian oil. President Trump gave Russia a deadline of this Friday to come to a ceasefire negotiation with Ukraine, with threats of 100% additional tariffs on countries that buy Russian exports if a ceasefire is not reached.

President Trump and Russian President Putin are set to meet in the coming days, though it is still unclear if Ukrainian President Zelenskyy will join the talks.