Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-0.3%), and DJIA (-1.0%) trade lower as the surge in oil prices continues to put pressure on the market, though the major averages are considerably improved from their opening lows as oil prices have stabilized from their highest levels.

The price of oil surged well past the $100 per barrel mark this morning, with reports that the UAE and Kuwait have reduced oil production as the Strait of Hormuz remains nearly closed.

Prices somewhat stabilized but remained above the $100 mark, as Financial Times reported that the G7 will discuss the joint release of energy reserves. CNBC reported shortly after the open that the G7 are set to meet again tomorrow, which has provided the market with a sliver of optimism. Bloomberg recently reported that the G7 is ready to release global stockpiles if needed. 

Currently, crude oil is up $4.72 (+5.2%) to $95.62 per barrel, well off of its early highs.

Losses across the broader market have narrowed with the stabilization in oil prices, though they remain relatively broad with eight S&P 500 sectors trading lower. 

With the exception of the energy sector (+0.5%), cyclical sectors are among today's laggards. Meanwhile, the defensive consumer staples (+0.1%), health care (-0.1%), and utilities (-0.4%) sectors trade near their flatlines. 

The top-weighted information technology sector (+0.3%) manages to trade modestly higher as semiconductor stocks rebound from recent weakness, which contributes to the outperformance of the Nasdaq Composite this morning. 

Meanwhile, the Russell 2000 (-1.1%) and S&P Mid Cap 400 (-1.0%) trail the major averages.