Stock Market Update

[BRIEFING.COM] Stocks are off to a choppy start to the midweek session, with the S&P 500 (-0.4%), Nasdaq Composite (-0.2%), and DJIA (-0.9%) sitting near session lows shortly before midday. 

Developments on the energy front continue to garner attention from the market. After two days of sharp retreats, the price of oil is increasing today, currently up $3.53 (+4.2%) to $86.98 per barrel. The move comes after CNBC reported that several cargo ships in the Strait of Hormuz have been hit by projectiles and the U.S. has sunk some Iranian ships, including some minelayers. 

Notably, the IEA confirmed that its 32 member states will release 400 million barrels from their strategic reserves, but the initial drop in oil prices was reversed entirely, with the price holding steady after the latest weekly inventory report from the EIA showed a 3.82 million barrel build against expectations for a smaller increase.

Currently, the energy sector (+1.8%) is the only S&P 500 sector that holds a gain.

The top-weighted information technology sector (flat) was an early outperformer but has since ceded its gain. Oracle (ORCL 164.53, +15.13, +10.13%) is the best-performing S&P 500 stock after a beat-and-raise earnings report last night, with the enthusiasm initially registering across other software stocks, which have had a tough start to the week. The iShares GS Software ETF (-0.2%) now holds a modest loss as the broader market has turned lower.

Outside of the S&P 500, the Russell 2000 (-0.2%) and S&P Mid Cap 400 (-0.3%) trade with similar losses.