Stock Market Update

[BRIEFING.COM] Stocks are mostly lower today as the market reacts to another sharp rise in oil prices as the conflict in Iran continues to escalate. The S&P 500 (-0.7%), Nasdaq Composite (-0.4%), and DJIA (-1.6%) are lower across the board, and now trade mostly lower for the year.

There are unconfirmed reports that Iran struck a U.S. oil tanker in the Persian Gulf, which adds to the unrest in the market as tanker activity in the Strait of Hormuz remains at a standstill. Crude oil is currently up $4.82 (+6.4%) to $79.48 per barrel. 

While the higher price of oil spurs a modest rebound in the energy sector (+0.5%), it weighs heavily on other pockets of the market. 

Airline names such as Delta Air Lines (DAL 59.70, -4.13, -6.47%) and United Airlines (UAL 94.17, -6.31, -6.28%) are sharply lower, weighing down the industrials sector (-2.2%). 

The consumer staples sector (-2.3%) faces a similar retreat, with Walmart (WMT 121.74, -6.06, -4.75%) a notable laggard and Costco (COST 979.82, -26.92, -2.67%) trading lower ahead of its earnings report. 

Despite a nice rebound in chemical names after yesterday's weakness, the materials sector (-2.3%) also lags amid a pullback in precious and industrial metal prices today. 

Meanwhile, the top-weighted information technology sector (+0.4%) maintains a modest gain as software stocks expand their rebound off of recent lows. Semiconductors are mostly lower today, though Broadcom (AVGO 334.27, +16.74, +5.27%) holds a nice gain after topping earnings estimates. 

Outside of the S&P 500, the Russell 200 (-1.9%) and S&P Mid Cap 400 (-1.4%) lag as the broader market sees a notable pullback from yesterday's strength.