Stock Market Update

[BRIEFING.COM] Today's action is all too familiar as stocks trade broadly lower amid another large spike in energy prices. The S&P 500 (-1.1%), Nasdaq Composite (-0.9%), and DJIA (-1.1%) are lower across the board, with each index now in negative territory for the week. 

Crude oil is currently up $7.65 (+9.4%) to $88.66 per barrel, and the energy sector (+0.1%) is once again the only S&P 500 sector in positive territory. Notably, Financial Times reported that Qatar's energy minister said that the war in Iran could force Gulf oil producers to halt production in the coming days. 

Elsewhere, Costco (COST 998.48, +15.91, +1.62%) is nicely higher following its earnings report, which helps keep the consumer staples sector (-0.2%) near its flatline, while the other nine S&P 500 sectors trade with considerably wider losses. 

The financials sector (-2.0%) is the weakest performer, with asset manager names facing particular weakness after Financial Times reported that BlackRock (BLK 968.00, -67.00, -6.47%) limited withdrawals from its HPS Corporate Lending Fund.

Outside of the S&P 500, the Russell 2000 (-2.2%) and S&P Mid Cap 400 (-2.0%) once again trail the major averages as the market's risk-off positioning continues to weigh more heavily on smaller-cap names, which tend to be more sensitive to tightening financial conditions and economic uncertainty.