Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.2%), and DJIA (-0.5%) are lower across the board this morning as oil prices continue to climb ahead of this evening's slate of mega-cap earnings.

Crude oil is currently up $4.88 (+4.9%) to $104.81 per barrel, with recent reports suggesting the U.S. is preparing for an extended blockade against Iran.

Strength at the sector level is limited to just the energy (+0.8%) and communication services (+0.1%) sectors.

Earnings are once again a key driver of action, with some notable moves in the fold. Seagate Tech (STX 674.50, +95.47, +16.49%) and NXP Semi (NXPI 281.06, +50.68, +22.00%) are both sharply higher after topping expectations, helping return some enthusiasm to semiconductor names after two consecutive lower finishes for the PHLX Semiconductor Index (+1.3%).

However, the broader information technology sector (-0.2%) remains modestly lower, which is due in part to a weak showing from mega-cap names ahead of this afternoon's earnings slate, which will feature four "magnificent seven" names. The Vanguard Mega Cap Growth ETF is down 0.3%.

Losses in the broader market are generally modest, with only the health care (-0.9%) and materials (-0.9%) sectors holding losses wider than 0.5%.