Stock Market Update

[BRIEFING.COM] Stocks opened to broad pressure again this morning, with the S&P 500 (-0.5%), Nasdaq Composite (-0.6%), and DJIA (-0.5%) all trading below their respective 50-day moving averages. 

Oil is up $0.69 (+0.7%) to $96.15 per barrel, helping the energy sector (+0.4%) extend this week's gains to 1.7%. Reports of Iran striking energy infrastructure targets in the Persian Gulf region has sent oil higher this morning and further stoked concerns that the conflict will last an extended period of time. 

Elsewhere, the health care sector (+0.2%) sees some modest bargain hunting after weakness in previous sessions. 

Meanwhile, rising energy costs and a severely diminished rate cut forecast have the broader market trending lower. While losses are widespread, they are relatively modest, though there are a few notable underperformers in the mix. 

The materials sector (-2.3%) holds the widest loss amid a considerable pullback in precious metals prices, with gold down 5.4% and silver down 10%.

The industrial sector (-1.3%) also moves firmly lower, with particular weakness across aerospace and defense names sending the iShares DJ Aerospace ETF 2.8% lower. 

Just released, new home sales declined 17.6% month-over-month in January to a seasonally adjusted annual rate of 587,000 units (Briefing.com consensus: 719,000) versus 745,000 units in December.

Wholesale inventories decreased 0.5% in January (Briefing.com consensus 0.2%), from a downwardly revised prior decrease of 0.1% (from 0.2%).