Stock Market Update
08-Oct-26 11:35 ET
Risk-off trade as oil and yields rise
Dow -198.47
at 50981.61,
Nasdaq -166.53
at 27393.10,
S&P -29.48
at 7772.36
[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.6%), and DJIA (-0.5%) are near session lows just before midday as tech stocks lag while upward pressure on oil prices and Treasury yields weighs on the broader market.
Selling pressure is relatively broad this morning, with decliners outpacing advancers by more than 2-to-1 on both the NYSE and Nasdaq. Eight S&P 500 sectors trade lower, although the health care sector (-1.7%) is the only one down more than 1.0% following yesterday's rally. The information technology sector (-0.5%) is also under pressure, with the PHLX Semiconductor Index down 1.3%.
The energy sector (+2.8%) is the clear standout as WTI crude surges $4.70 (+5.3%) to $92.98 per barrel amid escalating attacks on tankers in the Strait of Hormuz and President Trump's comments suggesting that a deal with Iran is not a priority.
The consumer staples sector (+1.5%) also outperforms as investors favor defensive stocks.
Meanwhile, Treasury yields have been volatile, with the 10-year note yield back up three basis points to 5.30%, adding to pressure on smaller companies as the Russell 2000 trades down 1.0%.
