Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (-0.1%) are modestly lower as a sharp spike in oil prices weighs on the broader market, while another strong showing from tech names is helping limit losses at the index level.

Crude oil prices surged just before the open following reports that Iran has stopped messaging the U.S. in protest of Israel's strikes on Lebanon. WTI crude is currently $6.28 (+7.2%) higher to $93.64 per barrel.

The energy sector (+1.7%) is sharply higher, though the news results in weakness across the broader market, with nine S&P 500 sectors trading lower.

The information technology sector (+1.1%) is the only other sector that trades higher, with NVIDIA (NVDA 218.82, +7.68, +3.64%), Microsoft (MSFT 464.59, +14.35, +3.19%), and Dell (DELL 445.48, +24.57, +5.84%) all moving higher together following news of a collaboration on NVIDIA's push into personal computer processors. Software names are also extending their recent push, with the iShares GS Software ETF up 3%.

On the data front, the May S&P Global U.S. Manufacturing PMI came in at 55.1%, down slightly from the earlier reading of 55.3%.

Construction spending increased 0.4% month-over-month in April (Briefing.com consensus: 0.3%) following a downwardly revised 0.2% increase in March (from 0.6%).

The ISM Manufacturing Index checked in at 54.0% for May (Briefing.com consensus: 53.1%), up from the 52.7 reading in April.