Stock Market Update
23-Oct-26 10:05 ET
Stocks mostly lower as weakness broadens, oil surges
Dow -580.29
at 52287.90,
Nasdaq +10.48
at 26039.78,
S&P -29.48
at 7634.02
[BRIEFING.COM] Stocks are mostly lower shortly after the open, with the DJIA (-1.1%) bearing the brunt of the selling pressure this morning after weathering yesterday's tech-driven selloff. The S&P 500 (-0.4%) and Nasdaq Composite (flat) faring better amid a slight rebound from yesterday's lows across tech stocks.
Cyclical stocks are under pressure this morning amid a surge in oil prices, with crude oil currently up $3.10 (+3.1%) to $102.57 per barrel as reports indicate an escalation in the conflict between the U.S. and Iran is more likely than an off-ramp. The energy sector is up 1.7%, while the industrials (-1.9%) and consumer discretionary (-1.3%) sectors hold the widest losses, with Bloom Energy (BE 195.49, -22.28, -10.23%) sharply lower after earnings.
Meanwhile, the defensive health care (-0.9%), consumer staples (-0.8%), and utilities (-0.7%) sectors are facing some pressure after outperforming yesterday.
The information technology sector (+0.4%) holds a modest gain, as does the PHLX Semiconductor Index (+0.9%), though the gains are minimal in comparison to yesterday's retreat.
On the data front, the preliminary S&P Global U.S. Manufacturing PMI for October came in at 56.0, from a prior reading of 55.9.
The S&P Global U.S. Services PMI checked in at 57.9, from a prior reading of 58.8.
The final reading of the October University of Michigan Consumer Sentiment Index was 48.0 (Briefing.com consensus 46.3), up from the preliminary reading of 46.3.
