Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.6%), and DJIA (flat) sit mostly lower after a bounce in oil prices forced the major averages to cede their solid opening gains. The major averages traded nearly 1.0% higher this morning, though the recent pullback has each index back in negative week-to-date territory. 

Crude oil moved below $93 per barrel, though it is now back up $0.11 (+0.1%) to $95.84 per barrel.

The recent surge in energy prices continues to dampen the market's rate-cut hopes. This morning's release of the PCE Price Index (0.3%; Briefing.com consensus: 0.3%) saw the index increase 2.8% on a year-over-year basis versus 2.9% in December, though the modest surprise offers little relief, with the market expecting higher readings in the coming months due to the increase in energy prices. 

Today's trade now reflects a risk-off disposition, with the defensive utilities (+1.0%) sector out in front, while the consumer staples (+0.4%) and health care (+0.1%) sectors are also trading modestly higher. The financials sector (+0.6%) is an exception to the trend, supported by modest strength in major banking names and a solid rebound across asset managers, which have faced particular weakness in recent sessions. 

Meanwhile, the top-weighted information technology sector (-0.7%) now sits at the bottom of the leaderboard after trading more than 1.0% higher early in the session. Adobe (ADBE 252.28, -17.50, -6.49%) lags despite topping earnings estimates, and software names are once again under pressure after several resilient sessions. 

Outside of the S&P 500, the Russell 2000 (-0.2%) and S&P Mid Cap 400 (-0.2%) trade modestly lower.