Stock Market Update

[BRIEFING.COM] Stocks are off to an eventful start to the week, with the major averages making an impressive move off of their early lows. The S&P 500 (-0.3%), Nasdaq Composite (+0.1%), and DJIA (-0.7%) now sit mixed shortly after midday following sharp opening losses that saw the Nasdaq Composite briefly move below its 200-day moving average (22,101.90). 

The early losses were attributed to another sharp increase in oil prices, with oil spending much of the morning above the $100 per barrel mark, approaching $120 per barrel at its highest levels. 

While the conflict in Iran remains without an imminent solution, oil prices have stabilized following headlines that the G7 will meet again tomorrow to discuss a release of global oil stockpiles to combat the surge in prices. CNBC reported that the meeting will occur tomorrow morning, with talks among G7 nations currently "positive" around a release. 

Oil currently trades $3.44 (+3.8%) higher at $94.34 per barrel, well off of its session highs. 

While the major averages now sit mixed for the day, weakness is still relatively broad, with eight S&P 500 sectors trading lower. 

Cyclical sectors are generally among the underperformers, with the financials sector (-1.8%) holding the widest loss as major banking names, asset managers, and insurance names all face considerable pressure. 

The consumer discretionary sector (-1.6%) also lags, with travel-related names among the weaker performers, though the stabilization of oil prices saw cruise lines significantly narrow their losses.

Homebuilders are also under pressure today, with the iShares U.S. Home Construction ETF down 3.0%. 

Meanwhile, the top-weighted information technology sector (+0.5%) outperforms, supported by solid gains in its chipmaker components that lift the PHLX Semiconductor Index (+1.4%) to a solid gain. 

Memory storage names such as Sandisk (SNDK 566.99, +39.66, +7.52%) are among the top movers, rebounding from recent volatility. 

Elsewhere, the consumer staples sector (+0.1%) manages a slight gain, while the energy and health care sectors trade flat. 

There was no economic data of note today.