Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.3%), and DJIA (-0.8%) are moving lower shortly before midday amid a choppy morning.

The major averages were mostly higher earlier in the session, but a report from Euronews that the UAE intercepted a suspected missile attack pushed oil prices higher, weighing on broader markets. Crude oil is up $3.52 (+3.5%) to $105.47 per barrel, lifting the energy sector (+0.8%) to the top of the leaderboard.

The consumer discretionary sector (+0.2%) remains in positive territory, with Amazon (AMZN 273.54, +5.28, +1.97%) offsetting broader weakness after announcing Amazon Supply Chain Services. The move has pressured courier stocks in industrials, including UPS (UPS 97.12, -10.45, -9.71%) and C.H. Robinson (CHRW 160.97, -16.33, -9.21%).

Meanwhile, the information technology sector (-0.5%) has slipped, as most semiconductor names trend lower, though strength in Oracle (ORCL 180.05, +8.22, +4.78%) and Palantir Technologies (PLTR 145.70, +1.63, +1.13%) ahead of earnings is lifting the iShares GS Software ETF by 2.0%.

Losses are widest in the materials (-1.1%) and communication services (-1.0%) sectors, the latter weighed by profit-taking in Alphabet (GOOG 377.08, -6.14, -1.60%) after last week's post-earnings rally.

Outside the S&P 500, the Russell 2000 (+0.2%) and S&P Mid Cap 400 (+0.1%) are slightly higher.