Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.5%), and DJIA (unch) are mostly lower this morning as higher oil prices and weakness in technology stocks weigh on the market.

Crude oil is up $3.89 (+4.4%) to $92.18 per barrel amid increased attacks on tankers in the Strait of Hormuz and commentary from President Trump that suggests the potential for further conflict.

While oil remains firmly higher, Treasury yields have retreated considerably from their overnight highs, with the 10-year note yield now up just one basis point to 5.28% after climbing as high as 5.35%.

That has allowed for some modest improvement through the broader market, which has the DJIA back on its flatline.

Five S&P 500 sectors trade higher, with the energy sector (+2.2%) sharply higher as oil prices surge. APA Corp. (APA 45.56, +1.74, +3.98%) is an S&P 500 standout while Chevron (CVX 210.96, +5.81, +2.83%) leads all Dow names.

The consumer staples sector (+1.3%) is another outperformer, trading broadly higher as high-beta and tech stocks retreat amid a more risk-off positioning this morning.

The information technology sector (-0.8%) is a laggard as a result, weighed down by a 2.1% slide in the PHLX Semiconductor Index.

Just released wholesale inventories increased by 0.5% in August (Briefing.com consensus 0.7%) from an upwardly revised prior increase of 1.4% (from 1.3%).