Stock Market Update

[BRIEFING.COM] The stock market is under broad pressure again today, sending the S&P 500 (-0.8%), Nasdaq Composite (-1.2%), and DJIA (-0.6%) further below their respective 200-day moving averages. 

There was a flurry of fairly broad buying activity shortly after the open with as many as eight S&P 500 sectors trading higher as oil moved lower. The gains briefly sent the DJIA above its flatline, though the Nasdaq Composite and S&P 500 lagged as mega-cap and tech stocks have struggled since the open. The Vanguard Mega Cap Growth ETF is down 1.3%. 

Stocks moved to session lows following a Wall Street Journal report that the Pentagon is sending three warships and thousands of additional troops to the Middle East. Lingering concerns that the conflict with Iran will be prolonged and continue to disrupt global oil supplies weighed on the broader market, leaving just the energy sector (+1.5%) in positive territory.

Crude oil is currently up $1.04 (+1.1%) to $96.61 per barrel. 

Meanwhile, the information technology (-1.4%), communication services (-1.4%), and consumer discretionary (-1.2%) sectors hold comparable losses amid the weakness in mega-cap names, while the real estate sector (-2.1%) trades even lower as Treasury yields rise today. The 10-year note yield is currently up eleven basis points to 4.39%.