Stock Market Update

[BRIEFING.COM] The major indices fell to new session lows in the last half hour without a specific news catalyst to account for the drop. 

Headlines about President Trump warning of a stepped-up attack on Iran because it has taken too long to negotiate have been running in the background all day, but it is worth noting that oil prices (WTI $89.83, +1.77, +2.0%) backed down from higher levels in the same time the equity indices dropped to session lows.

The stock market is running into interference with the geopolitical mess, but the price action itself is the problem. Tech stocks haven't been able to sustain buy-the-dip interest, which is giving rise to assumptions that many of these stocks are being viewed as a source of funds for allocating capital to SpaceX (SPCX) when it starts trading on Friday and to other IPOs in the pipeline.

That can't be confirmed, but it is a suspicion that has weighed on sentiment and has factored its way into the trading narrative.