Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.7%), and DJIA (-0.7%) are under broad pressure this morning as investors weigh the April CPI report (0.6%; Briefing.com consensus: 0.6%), rising oil prices, and a pullback in semiconductor stocks.

The PHLX Semiconductor Index is down 2.5%, weighing on the broader information technology sector (-0.9%).

Electrical product names, which have rallied alongside semiconductors in recent sessions, are also lower and weighing on the industrials sector (-1.2%).

Elsewhere, the consumer discretionary sector (-1.1%) faces weak leadership from its mega-cap components, and an extension of yesterday's pressure across apparel and retail names.

Eight total S&P 500 sectors trade lower, with strength limited to the defensive health care (+1.0%) and consumer staples (+0.6%) sectors, while the energy sector (+0.3%) trades modestly higher as the price of oil increases.

Crude oil is currently up $3.52 (+3.6%) to $101.59 per barrel. Investors continue to monitor developments between the U.S. and Iran, which increasingly resembles a stalemate, with President Trump telling reporters yesterday that the current ceasefire is on "massive life support."