Stock Market Update

[BRIEFING.COM] Stocks are facing broad pressure today as oil prices continue to surge, with mega-cap and tech names no longer showing the resilience that helped stabilize the market yesterday, sending the major averages firmly lower. The S&P 500 (-1.1%), Nasdaq Composite (-1.4%), and DJIA (-1.3%) are a touch above session lows shortly before midday, with each index now in negative week-to-date territory. 

The Russell 2000 (-2.1%) and S&P Mid Cap 400 (-1.4%) hold similar losses. 

Reports of more strikes on tankers and other cargo ships have caused oil to retest the $100 per barrel mark, currently up $9.34 (+10.7%) to $96.64 per barrel. 

The energy sector (+1.7%) tops today's leaderboard amid the increase in oil prices, adding to its week-to-date gains. 

Elsewhere, the utilities (+1.5%) and consumer staples (+0.3%) are garnering some rotational interest as more growth-oriented pockets of the market take a step back. 

The information technology sector (-1.7%) is among the worst performers as chipmakers come under pressure today, sending the PHLX Semiconductor Index 3.2% lower. 

Weakness across the mega-cap tech space sends the consumer discretionary (-2.0%) and communication services (-1.7%) sharply lower as well, while continued pressure on asset managers and airline names weighs heavily on the financials (-1.4%) and industrials (-1.9%) sectors. 

Today's pressure reflects some market disappointment, with continued geopolitical unrest largely outweighing efforts to mitigate the rise in oil prices.