Stock Market Update

[BRIEFING.COM] Selling interest remains broad this afternoon, marking a reversal from yesterday's broader buying interest. The equal-weighted S&P 500 (-0.7%) is underperforming, showing that weakness beneath the headline averages is more pronounced than the cap-weighted S&P 500 suggests. The Nasdaq Composite remains near its flat line, while the DJIA continues to lag.

The S&P 500 consumer staples sector is down 2.0%, followed by financials (-1.3%), consumer discretionary (-1.2%), industrials (-1.1%), health care (-1.1%), and utilities (-0.9%). The losses across cyclical and defensive sectors underscore the lack of broad participation in the technology-driven relative strength.

WTI crude futures have extended their advance to 3.7% at $103.11 per barrel, near their session high. The move keeps inflation and input costs in focus.

Separately, the Department of Energy authorized an emergency exchange of up to 400,000 barrels from the Strategic Petroleum Reserve to address a supply disruption affecting the Phillips 66 (PSX 284.48, -0.14, -0.05%) Lake Charles refinery.