Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.2%), and DJIA (-0.2%) sit mixed shortly before midday, modestly improved from opening lows. The Russell 2000 (flat) and S&P Mid Cap 400 (flat) have followed a similar trajectory after opening to modest losses as well. 

The broader market is mixed as investors navigate several notable developments today. Equity futures lagged ahead of the open after Fed Chair Jerome Powell confirmed yesterday evening that the Department of Justice is investigating him criminally in connection with his testimony to the Senate Banking Committee regarding renovations to Fed headquarters

Though most sectors have improved from opening lows, the financials sector (-1.0%) remains a laggard, facing pressure in its banking and lender names after President Trump called for a one-year 10% interest rate cap on credit cards.  Synchrony Financial (SYF 79.92, -6.97, -8.02%) and Capital One (COF 233.71, -15.49, -6.22%) are the worst-performing S&P 500 names today, while Citigroup (C 117.13, -4.19, -3.45%) and American Express (AXP 359.04, -16.57, -4.41%) also lag. 

The energy sector (-0.6%) also lags after Exxon Mobil (XOM 123.62, -0.98, -0.79%) CEO Darren Woods called into question the feasibility of investment opportunities in Venezuela. 

Meanwhile, seven S&P 500 sectors trade higher, with the defensive consumer staples sector (+1.2%) leading, while the materials sector (+0.8%) also holds a nice gain amid a safe-haven flight to precious metals that has culminated in fresh record high prices.