Stock Market Update

[BRIEFING.COM] Stocks are under pressure this morning, with the S&P 500 (-0.8%), Nasdaq Composite (-1.0%), and DJIA (-1.5%) near their session lows just before midday.

Weakness is broad amid a spike in oil prices as hostilities ramp up in the Middle East, with WTI crude up $5.74 (+7.2%) to $85.00 per barrel. The energy sector (+2.5%) is a standout as a result, though only the defensive consumer staples (+0.4%) and health care (+0.2%) sectors join it in positive territory as cyclical and growth-oriented areas of the market retreat.

Semiconductor stocks are under pressure yet again today, with the PHLX Semiconductor Index down 3.7%. The move is weighing on the information technology sector (-1.5%), as well as electrical equipment names in the industrials sector (-2.6%), which is also pressured by sharp post-earnings declines in Lennox Int'l (LII 434.59, -109.52, -20.13%) and Vertiv (VRT 233.38, -36.18, -13.42%).

Outside the S&P 500, the Russell 2000 (-1.2%) and S&P Mid Cap 400 (-1.2%) are also lower as Treasury yields move higher.