Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.0%), Nasdaq Composite (-1.2%), and DJIA (-1.1%) are firmly lower this morning as a surge in oil prices puts broad pressure on the market. 

The energy sector (+0.4%) is one of just three S&P 500 sectors to hold a gain as oil climbs $7.61 (+8.7%) to $94.86 per barrel. Bloomberg reports that Iranian Supreme Leader Mojtaba Khamenei said the Strait of Hormuz should remain closed. 

The defensive utilities sector (+0.4%) holds a modest gain while the materials sector (+0.2%) trades slightly higher. The eight other S&P 500 sectors trade lower, with some notable retreats in the mix. 

After showing some resilience yesterday and notching a modestly higher finish, the information technology sector (-1.6%) is at the bottom of today's leaderboard. Losses are particularly acute across chipmaker components, with the PHLX Semiconductor Index down 3.2% this morning. 

NVIDIA (NVDA 182.14, -3.89, -2.09%) is a "magnificent seven" laggard, though mega-caps are under pressure this morning, contributing to weakness in the communication services (-1.2%) and consumer discretionary (-1.1%) sectors as well. 

The industrial sector (-1.5%) also lags as airlines move lower amid the rise in oil prices.