Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.4%), and DJIA (-0.6%) are at session lows just before midday, reflecting a similar pattern seen in yesterday's trade.

Stocks are mostly lower, with decliners outpacing advancers by a nearly 2-to-1 ratio on both the NYSE and the Nasdaq. After a modestly higher open, losses quickly widened and broadened, with several sharp swings across some of the market's largest names contributing to the retreat.

Alphabet (GOOG 337.52, -3.22, -0.95%) gave up a firm opening gain as the initial enthusiasm surrounding the unveiling of Gemini 4 Argon has faded, while Micron (MU 1048.21, -16.90, -1.59%) moves lower despite an impressive beat-and-raise earnings report.

Still, there is some lingering strength across tech stocks, with the top-weighted information technology sector (+0.2%) helping soften losses at the index level. The PHLX Semiconductor Index is up 0.6%.

On the macro front, crude oil is moving higher today, currently up $2.26 (+2.5%) to $92.67 per barrel. U.S. Treasuries are off their overnight highs, but yields remain near multi-year highs, presenting another headwind for a market already contending with increasingly narrow participation and weakening breadth beneath the major averages.