Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.2%), and DJIA (-0.6%) sit lower shortly after the open. Oil is extending yesterday's move lower, though the relief rally has stalled as the market now looks for a possible end to the conflict in Iran and a meaningful increase in production throughout the area. 

The energy sector (-1.3%) lags this morning amid the decrease in oil prices, with crude oil currently down $6.35 (-6.7%) to $88.41 per barrel. 

The financials sector (-0.9%) also lags, with particular weakness across financial services and broker names that have recently traded lower due to fears of AI disruption. 

Software stocks are also under renewed pressure this morning, with the iShares GS Software ETF down 1.9%. 

However, the information technology sector (-0.1%) remains near its flatline as chipmakers are off to another solid start, pushing the PHLX Semiconductor Index 1.0% higher. 

Some lingering strength across several mega-cap stocks, including Tesla (TSLA 405.66, +6.98, +1.75%) and Meta Platforms (META 653.66, +6.27, +0.97%), helps keep the consumer discretionary and communication services sectors on their flatlines, while the broader market trends lower. 

Just released, existing home sales increased 1.7% month-over-month in February to a seasonally adjusted annual rate of 4.09 million (Briefing.com consensus 3.88 million) from an upwardly revised 4.02 million (from 3.91 million) in January.