Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.4%), Nasdaq Composite (-1.2%), and DJIA (-1.6%) are sharply lower this morning as climbing oil prices once again put pressure on nearly every corner of the market. 

Crude oil is currently up $7.80 (+9.6%) to $88.81 per barrel on warnings from Qatar's energy minister that all Gulf oil producers may have to stop production in the coming days due to the war with Iran. 

All eleven S&P 500 sectors, most of which are more than 1.0% lower. Currently, the financials sector (-2.7%) holds the widest loss, with particular weakness across its asset manager names, such as Ares Management (ARES 109.84, -7.20, -6.15%). 

The materials sector (-2.6%) also lags after underperforming yesterday, facing broad weakness across its components.

Cruise lines and other travel-related names weigh on the consumer discretionary sector (-2.3%), while the top-weighted information technology sector (-1.1%) provides no relief for the major averages as semiconductors lag and software names finally face some pressure after several days of outperformance. 

Just released, business inventories increased 0.1% in December from an unchanged prior reading.